I am one month into the sale of my maisonette in North Shields and Tynemouth and the estate agent has just called to advise that the buyers are swapping conveyancer. The reason given is that the lender will only deal with property lawyers on their approved list. Why would a big named mortgage company only work with specific solicitors rather the firm that they want to select to handle their conveyancing in North Shields and Tynemouth ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been tightened 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 claims that 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. Your buyers are not going to have any sway in the decision.
We are about to exchange contracts for a semi detached house in North Shields and Tynemouth. We have hit a snag. The loan offer with TSB expires on 16/6/2025 but the sellers are putting forward a completion date of 18/6/2025. Can one prolong the loan expiry date?
The best person to address this concern is your conveyancer who is in a position to calculate whether they better off negotiating with the mortgage company, seller’s solicitors, estate agents or possibly all parties based on the history of your house move as of today.
We see that you have a post code search directory identifying law firms on the TSB conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in North Shields and Tynemouth?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in North Shields and Tynemouth.
My husband and I decided to purchase a newbuild apartment in North Shields and Tynemouth with a residential mortgage from Halifax.We have a North Shields and Tynemouth conveyancing lawyer but Halifax informed us her practice is not listed on their approved list of member firms. It seems we have little choice but to instruct a Halifax panel firm or keep our preferred solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The loan offered to you contains various provisions, a common one being that solicitors must be on the Halifax conveyancing panel. in the past, most lenders had large numbers of solicitors on their panels: 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 Halifax
This question may be naive but I am new to the home moving as a first time buyer of a garden flat in North Shields and Tynemouth. Do I collect the keys to the property on the completion date from my lawyer? If so, I will instruct a High Street conveyancing solicitor in North Shields and Tynemouth?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s solicitors, and once they have received this, you will be able to pick up the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
Is it the case that all North Shields and Tynemouth CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing panel?
It is true that some banks and building societies now utilise CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
When it comes to lenders such as Nationwide, do North Shields and Tynemouth conveyancers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
The deeds to my property can not be found. The lawyers who handled the conveyancing in North Shields and Tynemouth 5 years ago have long since closed. What do I do?
Gone are the days when you need to have the physical official documentation to prove you are the registered proprietor of land or premises, given that the Land Registry have everything they need in a digital format.