I am selling my maisonette in Hayes and the EA has just telephoned to advise that the buyers are switching conveyancer. The reason given is that the bank will only work with property lawyers on their conveyancing panel. Why would a big named lender only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Hayes ?
Lenders have always had panels of law firms that can represent them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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 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. The purchasers are unlikely to have any sway in the decision.
We hope to to buy with Norwich and Peterborough Building Society. We have called around locally but am struggling to find a Hayes conveyancing firm on the Norwich and Peterborough Building Society panel. Could you assist?
You should take advantage of the find a lender approved solicitor tool on this page. Pick the mortgage company and type Hayes or your location and you will be presented with a number of lawyer based in Hayes or by proximity to you.
It has been 4 months since my purchase conveyancing in Hayes completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Hayes differ for newly converted properties?
Most buyers of new build or newly converted property in Hayes come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Hayes tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hayes or who has acted in the same development.
My brother has recommend that I use his lawyers for conveyancing in Hayes. Do I take his guidance?
Much as we are happy to recommend a Hayes conveyancing lawyer the ideal way to find a conveyancing solicitor is to have guidance from friends or family who have previously instructed the solicitor that you are are thinking of instructing.
Are Hayes conveyancing solicitors under an obligation to the Law Society to issue transparent conveyancing costs?
Inbuilt into the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Hayes or further afield.