I am nearing exchange of contracts for my maisonette in Liphook and the estate agent has just telephoned to advise that the buyers are switching solicitor. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Liphook ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders attribute this action to a rise 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 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 buyers are unlikely to have any sway in the decision.
We note that you have a search directory identifying firms on the Santander conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in Liphook?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Liphook.
When it comes to lenders such as Clydesdale, do Liphook property lawyers face an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Is it the case that all Liphook solicitor firms on the Bank of Ireland conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be overseen by the SRA. Many banks do list licenced conveyancers on their panel and in such a situation the practice would be overseen by the CLC.
Last month we had a mortgage agreed in principle with Leeds Building Society. Liphook conveyancing solicitors were appointed. How long does it take for Leeds Building Society to issue the offer to the property lawyer?
Some lenders take longer than others. Have Leeds Building Society conducted the survey? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I completed on my apartment on 4 March and my personal details is yet to be registered. Need I be worried? My conveyancing solicitor in Liphook advises it would be dealt with inside ten days. Are titles in Liphook particularly slow to register?
As far as conveyancing in Liphook registration is no quicker or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timeframes can adjust depending on the party submitting the application, whether it is in order and whether the Land registry communicate with any interested parties. Currently roughly 80% of such applications are fully dealt with in less than three weeks but occasionally there can be longer hold-ups. Registration occurs after the buyer is living at the premises thus 'speed' is not typically top priority but where it is urgent that the the registration takes place urgently then you or your conveyancer should contact the land registry and explain the circumstances.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Liphook is where the house is located. What do you suggest?
Flying freeholds in Liphook are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Liphook 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 Liphook 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 property.
In surfing the world wide web for the words cheap conveyancing in Liphook it brings up numerous solicitorsin the area. How do I determine which is the right solicitor for me?
The ideal way of finding the right conveyancer is via trusted recommendation, so seek the guidance of colleagues and relatives who have bought a property in Liphook or the reputable estate agent or mortgage broker. Fees for conveyancing in Liphook vary, so it's sensible to obtain a minimum of three quotes from varying types of law firms. Dont forget to clarify that the charges are assured not to escalate.