I am nearing exchange of contracts for my home in Edge Hill and the estate agent has just e-mailed to say that the buyers are switching law firm. The excuse is that the bank will only deal with solicitors on their conveyancing panel. Why would a big named lender only work with certain lawyers rather the firm that they want to choose for their conveyancing in Edge Hill ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 not going to have any impact on this.
Finally the sale completed on my house in Edge Hill last March but our buyer keeps Skype messaging me complaining that their solicitor is waiting to hear from mylawyer. What should my lawyer have done following completion?
After completion of your disposal your conveyancer is obliged to forward the transfer documentation and all additional paperwork to the purchaser's solicitors. Where appropriate, your conveyancer should also send confirmation that the legal charge in favour of the lender has been discharged to the purchasers solicitors. There are no post completion procedures unique to conveyancing in Edge Hill.
I have been told that property searches are the number one reason for obstruction in Edge Hill conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Edge Hill.
The deeds to my house are lost. The lawyers who did the conveyancing in Edge Hill 4 years ago no longer exist. What do I do?
As long as you have a registered title the details of your ownership will be held by HMLR under a Title Number. It is easy to conduct a search at the Land Registry, locate your house and get current copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will also normally hold a certified copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.
I have been advised by three or four local property agents in Edge Hill to find a conveyancer using your seach tool. Is there a financial advantage for Estate Agents to recommend your site over and above a competitor’s?
We don’t give any financial incentive for directing people in our direction. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My partner and I soon to exchange buying a house in Edge Hill but as a consequence of damage from the recent storms I have negotiated recompense from the owner of £3k by way of a adjustment in the price. I had intended this to be dealt with as part of the conveyancing process yet my lender will not agree to this. Why were they notified?
Any conveyancer that is on the bank approved list is obliged to inform the mortgage company of any amendments to the sale amount. In the event that you were to refuse your property lawyer to report the reduction to your bank then they would need to discontinue acting for you and the mortgage company.