I am nearing exchange of contracts for my apartment in Exmouth and the EA has just text me to warn that the buyers are swapping property lawyer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Exmouth ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed 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 hearing daily from firms 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.
I am purchasing a garden flat in Exmouth. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Exmouth you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Exmouth.
Are all Exmouth Conveyancing Quality Solicitors on the TSB conveyancing list of approved solicitors?
A selection of lenders now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
My fiancee and I are spending time viewing houses in Exmouth and I am about to put in an offer. Should I already have a lawyer appointed at this stage? I intend to finance via a home loan with Virgin Money.
It would be prudent to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are getting a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
After much negotiation I have agreed a price on a house in Exmouth. My financial adviser pressured me to appoint their property lawyer. I paid an upfront payment of £175. A couple of days later, the property lawyer contacted me to say that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Do I need to pay for insurance to cover chancel repairs when acquiring a property in Exmouth?
Unless a prior acquisition of the premises completed post 12 October 2013 you may assume that lawyers delivering conveyancing in Exmouth to continue to propose a a chancel search and or chancel repair liability insurance.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Exmouth I like with a park and railway links in the vicinity, however it's only got 49 years on the lease. There is not much else in Exmouth for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the shortness of the lease will be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
My husband and I are planning to purchase a three bedroom bungalowin Exmouth with a mortgage from a lender. We like our conveyancer in Exmouth yet our bank says she’s not approved on their "panel". It seems we have little choice but to instruct from the our bank panel firms or keep our Exmouth solicitor and incur the extra fees for one of their panel ones to represent our bank. This seems very unfair; is there anything we can do?
No, not really. The mortgage company mortgage offered to you is subject to its terms and conditions, one of which will be that solicitors will on the bank's conveyancing panel. Until recently, most banks had open panels, including most conveyancing solicitors in Exmouth : a borrower could choose 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 your bank.