I am progressing with the sale of my flat in Shirley and the estate agent has just e-mailed to advise that the buyers are appointing a new conveyancer. The excuse is that the bank will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with specific law firms rather the firm that they want to appoint for their conveyancing in Shirley ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks blame a rise in fraud by way of justification for the cull – 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 hearing daily from firms that have been removed from panels. Plenty of firms 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 unlikely to have any sway in the decision.
Some advice if I may. My Shirley lawyer is advising me that she is duty bound toapply for Shirley conveyancing searches asthe firm are on the Lloydssolicitor panel. Is this really necessary?
You have limited options available to you. As you are taking a home loan with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Shirley conveyancing searches.
My stepmother advised me that in buying a property in Shirley there could be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are a number of properties in Shirley which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Shirley should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Can you help - my lawyer says that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Shirley conveyancing?
The right level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
I'm spending time looking at houses in Shirley and I am about to put in an offer. Should I already have a lawyer appointed at this point? I will be getting a home loan with Santander.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are getting a mortgage with Santander, make sure you remember to check that your lawyer is on the Santander conveyancing panel.
Various web forums that I have visited warn that are a common reason for obstruction in Shirley conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Shirley.
The deeds to my house are lost. The conveyancers who dealt with the conveyancing in Shirley 4 years ago are no longer around. Will I be able to sell the house?
As long as you have a registered title the details of your proprietorship will be evidenced by the Land Registry with a Title Number. It is possible to perform a search at the Land Registry, locate your property and secure up to date copies of the Registered Entries for less than a fiver. If the title is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
I have been advised by a number of selling agents in Shirley to get a quote from a solicitor on your site. Is there a financial inducement for Estate Agents to recommend your services over another?
We refuse to offer any financial incentive for sending work to this site. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.