I am selling my house in Clerkenwell and the estate agent has just e-mailed to warn that the purchasers are switching conveyancer. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain solicitors rather the firm that they want to select for their conveyancing in Clerkenwell ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. 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 buyers are not going to have any sway in the decision.
The housing market in Clerkenwell is heating up. What can I do to expedite matters?
First, If the seller is applying a tight deadline for your conveyancing we would recommend that your solicitor is familiar with the area as they will benefit local connections and insight. It is possible that they would have transacted otherhouses in the same neighbourhood. Therefore consider using a Clerkenwell conveyancing lawyer. Second, double check that the lawyer is on the on the approved list for your mortgage company. It is said that just under twenty per cent of Clerkenwell conveyancing transactions are frustrated or jeopardised after discovering a buyer’s conveyancer was not on their mortgage lender’s list of approved solicitors. This can often result in the home move being delayed by almost three weeks. It is understood that this issue impacts approximately one hundred thousand home moves annually. Most Clerkenwell conveyancing firms can not represent certain banks so do check at the outset.
We are buying a newly converted apartment in Clerkenwell with a loan from Santander.We have a Clerkenwell conveyancing practitioner but Santander informed us his firm is not listed on their approved list of firms. We have to appoint a Santander panel firm or keep our local solicitor and pay for a Santander panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you is subject to its terms and conditions, a common one being that conveyancers needs to be on the Santander approved list. Until recently, most banks had large numbers of law firms 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Santander
My wife and I are buying a house in Clerkenwell. It might be a silly question but how we can trust a conveyancer? On completion day we have to deposit our life savings into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Are all Clerkenwell Conveyancing Quality Solicitors on the Co-operative conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
My wife and I are in the throws of viewing houses in Clerkenwell and I am about to put in an offer. Should I already have a property lawyer in place at this point? I will be getting a mortgage with Kent Reliance.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are seeking a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a quick, no chain conveyancing. Clerkenwell is where the house is located. Is there any advice you can give?
Flying freeholds in Clerkenwell are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Clerkenwell you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Clerkenwell may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
A conveyancing company dealt with my conveyancing in Clerkenwell 8 years ago having archived my title documents but has now closed – What can I do to retreive these?
Deeds, as such, are no longer appropriate for most properties in Clerkenwell are archived digitally at Land Registry. Should you need to establish evidence of proprietorship or are selling or refinancing your lawyer can obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.