I am progressing with the sale of my apartment in West Croydon and the EA has just text me to advise that the buyers are changing their conveyancer. The reason given is that the lender will only work with solicitors on their conveyancing panel. Why would a leading lender only work with specific law firms rather the firm that they want to select for their conveyancing in West Croydon ?
Mortgage companies have always had panels of law firms that can act for them, 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.
Lending institutions justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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 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 purchasers are not going to have any impact on this.
AssumingI were to acquire a freehold homein West Croydon for cash and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in West Croydon?
The only reduction in fees you would achieve is the costs for searches. Your conveyancer is required to do the vast majority of work - money laundering, correspond with the vendors conveyancer, SDLT submission, register the property etc. A marginal saving might be made by not needing to register a charge but it will not be meaningful.
What is the first thing I need to know regarding purchase conveyancing in West Croydon?
Not many law firms or advisers will tell you this but conveyancing in West Croydon or throughout Surrey is an adversarial experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for friction between you and others involved in the ownership transfer. E.g., the vendor, estate agent and on occasion your bank. Appointing a solicitor for your conveyancing in West Croydon an important selection as your conveyancer is your adviser, and is the ONLY party in the process whose interest is to protect your best interests and to keep you safe.
We are witnessing a definite ongoing adversarial element to conveyancing- someone has to be at fault for the process taking so long. We recommend that you should always trust your lawyer above the other parties when it comes to the legal transfer of property.
What does a local search inform me regarding the property we're purchasing in West Croydon?
West Croydon conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company such as Searchflow The local search plays an important part in most West Croydon conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
My husband and I are 3 weeks into a residential purchase having been referred to conveyancers by the selling agent to execute conveyancing in West Croydon. We are not happy. Can you help me find new solicitors?
A lawyer would have to be very bad in order to consider changing them. Has the mortgage been sent? In the event that it has you need to make them aware of the new solicitor and have the mortgage documents are re-issued. The conveyancer needs to be on the lenders panel to avoid added charges and frustration. So that should be your first question of the new solicitors. Our search tool should assist you in finding a lender approved solicitor for your conveyancing in West Croydon
I note that you have a post code search directory listing firms on the lender conveyancing panel. Do West Croydon conveyancing firms pay you a referral fee if I instruct them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in West Croydon.