I am selling my ground floor flat in Ponders End and the estate agent has just text me to warn that the buyers are switching law firm. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Ponders End ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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 not going to have any sway in the decision.
We note that you have a post code search directory listing solicitors on the UBS conveyancing panel. Do companies pay you a referral fee if I instruct them for our own conveyancing in Ponders End?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Ponders End.
I have justbeen informed that Arc property Solicitors have been shut down. They conducted my conveyancing in Ponders End for a purchase of a leasehold flat 12 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The easiest way to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ponders End conveyancing specialists.
I decided to have a survey completed on a property in Ponders End in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some banks will refuse to grant a mortgage on such a premises.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ponders End. Conveyancing may be slightly more expensive based on your lender's requirements.
I was pointed in your direction by a number of property agents in Ponders End to choose a conveyancer on your site. Is there a financial incentive for Estate Agents to promote your lawyers over and above alternative conveyancing organisations?
We don’t give any financial incentive for sending work our way. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
My father has urged me to instruct his conveyancing solicitors in Ponders End. Should I find my own conveyancer?
Much as we are happy to recommend a Ponders End conveyancing lawyer the best way to find a conveyancing lawyer is to get feedback from friends or relatives who have used the firm that you are are thinking of instructing.