I am nearing exchange of contracts for my house in Wick and the EA has just text me to say that the buyers are switching conveyancer. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a major lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Wick ?
Lenders have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 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 unlikely to have any sway in the decision.
Would the conveyancing lawyers that are recommend handle auction conveyancing in Wick?
There are a number of auction practitioners we can put you in touch with those conducting auction conveyancing. Wick is just one of hundreds of locations where our lawyers cover.
How up to date is your search tool for Wick conveyancing solicitors on the Santander conveyancing panel? Do Santander send you an updated list?
Wick conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
I am purchasing a garden flat in Wick. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Wick you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Wick.
Just had an offer accepted on a new build flat in Wick. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Wick
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants.
My solicitors in Wick have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.