I am one month into the sale of my apartment in Chislehurst and the EA has just telephoned to warn that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. On what basis would a major lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Chislehurst ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
My husband and I wish to acquire a purpose built apartment in Chislehurst with a residential mortgage from Skipton Building Society.We use our Chislehurst conveyancing practitioner but Skipton Building Society advised that his firm is not on their "panel". We have to appoint a Skipton Building Society panel firm or keep our preferred solicitor and fork out for a Skipton Building Society panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains various provisions, a common one being that solicitors needs to be on the Skipton Building Society conveyancing panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Skipton Building Society
How does conveyancing in Chislehurst differ for new build properties?
Most buyers of new build residence in Chislehurst approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Chislehurst usually purchase the site, 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 Chislehurst or who has acted in the same development.
Is it possible to transfer to a new solicitor as I need to retain one who is on the Norwich and Peterborough Building Society conveyancing panel. I instructed a high street conveyancing solicitor in Chislehurst round the corner but he is not accepted by Norwich and Peterborough Building Society
It would be our pleasure to assist you find a conveyancing solicitor in Chislehurst on the Norwich and Peterborough Building Society panel. Please note that the solicitors that we on the directory do not pay us a referral fee if you instruct them and are under regulation of the SRA who regulate all conveyancing solicitors in Chislehurst. In making use of the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Chislehurst.
In surfing the internet for the term cheap conveyancing in Chislehurst it brings up many property lawyersin the area. How do I determine which is the suitable solicitor for me?
The ideal way of finding the right conveyancer is through a personal testimonial, so seek the guidance of friends and relatives who have purchased a property in Chislehurst or a reputable estate agent or mortgage broker. Charges for conveyancing in Chislehurst vary, so it's a good idea to request at least three estimates from varying types of companies. Make sure that you clarify that the costs are assured not to increase.
Our conveyancer in Chislehurst has identified a a problem with the lease for the flat we are buying in Chislehurst. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.