I am nearing exchange of contracts for my flat in Guiseley and the EA has just telephoned to warn that the purchasers are switching property lawyer. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain solicitors rather the firm that they want to select for their conveyancing in Guiseley ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, 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 reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose 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 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 buyers are not going to have any impact on this.
Completed the sale of my flat in Guiseley last September yet the purchaser is texting every few hours to moan that her conveyancer needs to hear from mine. What should my lawyer have done now that I have sold?
Following your sale your conveyancer should forward the transfer deeds and all additional paperwork to the buyer’s conveyancer. Where relevant, your lawyer must also confirm that the legal charge in favour of the lender has been redeemed to the buyers conveyancers. There is unlikely to be post completion formalities unique to conveyancing in Guiseley.
Do the Building Society Association intend to launch a searchable register to to identify law firms on the Earl Shilton BS conveyancing panel for instance in Guiseley?
We are not aware of any plans on the part of the BSA to promote such a search facility.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Guiseley is the location of the property. Can you shed any light on this issue?
Flying freeholds in Guiseley are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Guiseley you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Guiseley 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.
Is it simple use your search facility to choose a conveyancing practitioner in Guiseley on the panel for my lender?
Step one is to select a lender such as Yorkshire Building Society, The Royal Bank of Scotland or Britannia then specify your location for instance Guiseley. Conveyancing firms in Guiseley and further afield should be shown.
We have appointed a Guiseley conveyancing solicitor for our home move (novice purchasers) and have noticed in the Ts and Cs that they are not overseen by the Financial Conduct Authority. Should I be worried or is that usually the case with property lawyer?
We can't see why they should be. Most lawyer don't lend money. They should be governed by the Solicitors Regulation Authority, who have stringent stipulations in place on monies sitting on client account.