I am nearing exchange of contracts for my maisonette in Wallington and the EA has just text me to say that the buyers are appointing a new property lawyer. The reason given is that the bank will only deal with solicitors on their approved list. Why would a big named mortgage company only engage with specific solicitors rather the firm that they want to select for their conveyancing in Wallington ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. Some 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 not going to have any sway in the decision.
The sellers of the home we are purchasing hired a conveyancing firm in Wallington who has insisted on a preliminary contract with a non-refundable deposit 10k. Is it wise to enter into such agreements?
There are two primary drawbacks with entering into any lock out contract (sometimes referred to as a no-shop agreement) is that it can distract from moving forward with the conveyancing work, so in the absence of it needing minimal or no negotiation then it could transpire to be a cause of frustration and delay. It is not strongly advocated by Wallington conveyancing solicitors as a result. The other main issue is the extent of the remedies available - an aggrieved buyer is not likely to win an injunction to bar the vendor completing the sale to an alternative purchaser, so the only remedy available under the contract will be the reimbursement of wasted costs and, in limited scenarios, the additional payment of penalties.
We see that you have a search directory listing law firms on the UBS conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Wallington?
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 Wallington.
I acquired my house on 11 June and the transaction details is not yet registered. Any reason for this? My conveyancing solicitor in Wallington said it would be concluded in a couple of weeks. Are properties in Wallington uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Wallington registration formalities. As opposed to being determined by geographic area, timescales can differ according to who lodges the application, whether it is in order and whether the Land registry must send notices to any other parties. Currently approximately 80% of submission are completed within 12 days but occasionally there can be longer hold-ups. Historically registration occurs once the buyer is living at the property so 'speed' is not usually an essential issue but where it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
As co-executor for the estate of my grandmother I am selling a property in Swansea but I am based in Wallington. My lawyer (based 235 kilometers from mehas requested that I sign a stat dec ahead of completion. Can you recommend a conveyancing lawyer in Wallington who can witness and place their company stamp on the document?
strictly speaking you should not need to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will suffice regardless of whether they are based in Wallington
Online research suggests that Wallington solicitors are more costly than Wallington conveyancers in Wallington when it comes to buying a property. So is it better if I use a conveyancer or a solicitor where I am buying for my home move in Wallington.
When it comes to conveyancing in Wallington the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.