I am nearing exchange of contracts for my apartment in Lytchett Matravers and the EA has just telephoned to advise that the buyers are swapping solicitor. The reason given is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Lytchett Matravers ?
Banks have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, 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 pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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. Your purchasers are unlikely to have any impact on this.
I am considering applying for a Leeds Building Society mortgage for purchase of a new build (under development) in Lytchett Matravers with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
In theory, you could use a solicitor that is not on the Leeds Building Society conveyancing panel, but Leeds Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
How can we know in advance if a Lytchett Matravers conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Lytchett Matravers getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer conducting your transaction.
I am expecting a DIP from Santander this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Lytchett Matravers solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Lytchett Matravers solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
Planning on purchasing a house in Lytchett Matravers. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lytchett Matravers conveyancing practitioner is on the Clydesdale conveyancing panel.
How does conveyancing in Lytchett Matravers differ for newly converted properties?
Most buyers of new build premises in Lytchett Matravers come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is built. This is because developers in Lytchett Matravers usually acquire the site, 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 conveyancing solicitors 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 Lytchett Matravers or who has acted in the same development.
I was pointed in your direction by a few selling agents in Lytchett Matravers to select a property lawyer using your seach tool. Is there a financial upside for Estate Agents to offer your site rather than another?
We don’t make any commission for directing people in our direction. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I need to instruct a conveyancing solicitor in Lytchett Matravers for my home move. Can I see a firm’s complaints history with the legal regulator?
One can find published Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. For records Pre 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training requirements.