I am nearing exchange of contracts for my apartment in Walsingham and the estate agent has just text me to warn that the purchasers are swapping property lawyer. The reason given is that the lender will only work with solicitors on their conveyancing panel. Why would a big named lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Walsingham ?
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 Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders attribute this action to a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to monitor. 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. 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. The buyers are unlikely to have any impact on this.
I have given 8 weeks notice to my current landlord and have to vacate my rented property in Walsingham by the end of next month. Conveyancing on my purchase has just started. Can I complete in 4 weeks as I wish to avoid having to move into short term accommodation?
It is unwise to serve notice on a rental unless your lawyer suggests that you should. Assuming that you have not previously done so, notify to your conveyancer and request that they chase the other side, try to a target completion date that everyone will work to achieve
We wanted to use a conveyancing solicitor in Walsingham for our house purchase. Our broker informed us that our mortgage lenders The Mortgage Works won't deal with them. Surely this is unduly restrictive?
Banks tend to imposes restrictions either the type or the number of conveyancing solicitors on their panel. A common example of such criteria being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, a few banks have limited the amount of solicitor practices they use to represent them. You should note that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels since 2008 even though there are mixed views concerning the extent of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that hundreds of law firms, including some in or near Walsingham only conduct one or two conveyances per annum.
I got the keys to my apartment on 16 March and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Walsingham advises it will be recorded in a couple of weeks. Are transfers in Walsingham uniquely lengthy to register?
There is nothing unique about conveyancing in Walsingham registration formalities. As opposed to being determined by geographic area, timescales can differ subject to the party submitting the application, whether there are errors and whether the Land registry must send notices to any third parties. Currently in the region of three quarters of such applications are completed within 12 days but some can be subject to extensive delays. Historically registration occurs after the new owner has moved in to the property so an expedited registration is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.
Due to the encouragement of my in-laws I had a survey completed on a house in Walsingham before retaining solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks may not give a loan on this type of house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Walsingham. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I be suspicious that estate agents that I am dealing with are suggesting an internet conveyancing firm rather than a High Street Walsingham conveyancing firm?
As is the case with many service providers, often referrals from family and friends can be worth their weight in gold. But there are numerous parties with a keen interest in a conveyancing matter; estate agents, financial adviser and mortgage companies may put forward conveyancers to appoint. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there might be a financial incentive behind the recommendation. You are free to select your own conveyancer. Don't forget that some mortgage providers specify a panel list of law firms you must use for the mortgage related work in your transaction.