I am one month into the sale of my house in Cullompton and the EA has just called to advise that the purchasers are swapping law firm. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a major lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Cullompton ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose 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. Plenty of firms 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. The purchasers are unlikely to have any sway in the decision.
Are the BSA intent on creating a search tool with a view to list firms on the Loughborough BS conveyancing panel for example in Cullompton?
We have not been informed any intention on the part of the BSA to develop such a tool.
Will my lawyer be making enquiries concerning flooding during the conveyancing in Cullompton.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Cullompton. There are those who purchase a property in Cullompton, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a various searches that can be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Cullompton. The conventional set of property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out if the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the vendor, then a buyer could issue a claim for damages resulting from an inaccurate answer. A purchaser’s solicitors may also commission an environmental search. This should higlight whether there is a recorded flood risk. If so, additional investigations will need to be initiated.
I used Arc property Solicitors several years past for my conveyancing in Cullompton. I now require my file but the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Cullompton of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Cullompton is where the house is located. What do you suggest?
Flying freeholds in Cullompton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cullompton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cullompton may decide 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 premises.
I require the services of a mortgage company panel solicitor in Cullompton. Could you help me?
Unfortunately it’s not apparent why you need a Cullompton panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Cullompton are on their panel . If you do find such a firm in Cullompton not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site