I am nearing exchange of contracts for my maisonette in Henfield and the estate agent has just text me to advise that the purchasers are switching law firm. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a major lender only deal with specific solicitors rather the firm that they want to select for their conveyancing in Henfield ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. 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 buyers are not going to have any sway in the decision.
Completed the sale of my flat in Henfield last August yet the purchaser is telephoning daily to say his lawyer is waiting to hear from mine. What should have happened following completion?
Following your sale your solicitor should forward the transfer documentation and all of the paperwork to the buyer’s conveyancer. If applicable, your lawyer must also confirm that the home loan has been repaid to the purchasers solicitors. There are no post completion tasks just for conveyancing in Henfield.
We are selling our apartment in Henfield. Will the lawyer need to be on the Barclays conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, chain free conveyancing. Henfield is the location of the property. What do you suggest?
Flying freeholds in Henfield are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Henfield you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Henfield may ascertain 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'm remortgaging my current home to a BTL loan with Britannia and I will use the ballance of the raised equity as a down payment on another property. The neighborhood we are talking about is Henfield. Will your solicitors be able to act for the two mortgage companies and link together the conveyances?
Do use our search tool on this site to be sure that the lawyers are on the relevant lender panels. Having checked that they are the solicitor will be able to connect the two deals but you should talk with you lawyer and specify your expectations and requirements.
Me and my partner are purchasing a three room first floor flatin Henfield with a home loan from a bank. We have a solicitor in Henfield however our lender says she’s not on their "panel". It seems we have little choice but to instruct one of the our bank panel firms or keep our Henfield solicitor and pay for one of their panel ones to represent our lender. This seems very unfair; Can we not simply insist that our bank use our Henfield lawyer?
No, not really. The bank mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the mortgage company's conveyancing panel. in the past, most lenders had large numbers of law firms on their panels, including most conveyancing solicitors in Henfield : 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your lender.