I am progressing with the sale of my house in Penkridge and the estate agent has just called to advise that the buyers are swapping conveyancer. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with certain law firms rather the firm that they want to choose for their conveyancing in Penkridge ?
UK lenders have always had panels of law firms that can act for them, but in the past few 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 many years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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.
The Penkridge conveyancing firm handling our Penkridge conveyancing has uncovered a discrepancy between the information in the home valuation survey and what is in the legal papers for the property. My lawyer informs me that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We note that you have a post code search directory listing solicitors on the Co-operative conveyancing panel. Do companies pay you a commission if I retain them for our conveyancing in Penkridge?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Penkridge.
I am purchasing a new build flat in Penkridge. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Penkridge you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Penkridge.
As co-executor for the estate of my aunt I am selling a property in Swansea but live in Penkridge. My conveyancer (approximately 250 kilometers from merequires that I sign a statutory declaration before the transaction finalising. Could you suggest a conveyancing lawyer in Penkridge who can attest and place their company stamp on the document?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are based in Penkridge
My boyfriend is buying a leasehold flat in Penkridge. He was given a quote by the property lawyer connected to the selling agents and it came to £1156 . It was seven years ago I sold and purchased a home and it cost was £440. Have fees really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Penkridge searches, land registry fees, etc)