I am selling my home in Carisbrooke and the estate agent has just e-mailed to say that the purchasers are swapping law firm. The excuse is that the lender will only deal with property lawyers on their approved list. Why would a leading lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Carisbrooke ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
How up to date is your search tool for Carisbrooke conveyancing solicitors on the Santander conveyancing panel? Do Santander send you an updated list?
Carisbrooke conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
is it true that all Carisbrooke solicitor firms on the Lloyds conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Lloyds approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some banks do permit licenced conveyancers on their panel and in such a situation the firms would be overseen by the Council of Licensed Conveyancers.
We are getting the release of further monies on our mortgage from HSBC as we want to conduct a loft conversion to our home in Carisbrooke. Are we obliged to choose a high street Carisbrooke solicitor on the HSBC conveyancing panel to handle the paperwork?
HSBC do not ordinarily instruct firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC conveyancing panel.
I have finally had an offer on a flat in Carisbrooke accepted, but there is a chain. The vendors have put an offer on on an apartment, but it’s not been accepted yet, and are looking at other apartments booked. I have instructed a high street conveyancing solicitor in Carisbrooke. What should be my next step? At what stage do I apply for the mortgage with Co-operative?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of one thousand pounds, then survey, Carisbrooke conveyancing search costs, etc). First, you should check that your solicitor is on the Co-operative approved list. Concerning the next phase this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. During a hot market some purchasers would apply for a home loan with Co-operative and arrange for the valuation and only if it comes back ok would they ask their solicitor to press on with searches.
How does conveyancing in Carisbrooke differ for newly converted properties?
Most buyers of new build property in Carisbrooke come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is constructed. This is because house builders in Carisbrooke usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Carisbrooke or who has acted in the same development.
Am I right to be concerned by estate agents that I am dealing with are recommending a web based conveyancing firm as opposed to a High Street Carisbrooke conveyancing practice?
As with many professional services, often recommendations from connections can be extremely useful or valuable. Nevertheless there are numerous people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and banks might all recommend solicitors to retain. On occasion the conveyancers might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the endorsement. You have the right to appoint your preferred conveyancer. Don't forget that many banks specify a panel list of conveyancers you are obliged to use for the mortgage related work in your home move.
I need to instruct a conveyancing lawyer in Carisbrooke for my home move. Is there any facility to check a solicitor's record with the profession’s regulator?
Members of the public may search for presented Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, dial +44 (0)121 329 6800. The SRA could recorded telephone calls for training requirements.