I am 4 weeks into the sale of my house in Witham and the EA has just e-mailed to say that the buyers are changing their law firm. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Witham ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. 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. Your purchasers are unlikely to have any impact on this.
Can the conveyancing lawyers that you recommend execute conveyancing in Witham by way of an attended exchange?
There are a few conveyancing experts who can conduct 24hr exchanges. Please call us to secure a conveyancing quote and details as to availability.
Is it correct that all Witham CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing panel?
It is true that some banks and building societies now make use of CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
We have a mortgage agreed in principle with Barclays. Witham conveyancing practitioners have been instructed. How long does it take for Barclays to forward the offer to the lawyer?
There is no definitive answer here. Have Barclays conducted the valuation? Have you informed Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have instructed a Witham lawyer having checked that they are on the Santander conveyancing panel. Does my lawyer arrange the survey of the property?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Witham surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I own a semi-detached Georgian house in Witham. Conveyancing practitioner represented me and Aldermore. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the exact same address. Is it worth asking Aldermore to clarify?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Witham and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with the conveyancing solicitor who carried out the work.
How do I use the search tool to locate a conveyancing solicitor in Witham on the panel for my mortgage?
First pick a mortgage company such as Barclays , The Mortgage Works or TSB then specify your preferred area a common one being Witham. Conveyancing firms in Witham and nationally should be shown.
Developers have put forward a lawyer and I've received a quote from them. It's almost £250 less expensive than my family Witham conveyancer. Should I use them?
Developers often have lists of conveyancers who are quick and who know the seller’s documentation and conveyancer. As many developers offer an incentive to choose a preferred conveyancer for this reason, any increased fees can be avoided and a builder won't suggest a conveyancing factory and run the risk of having the conveyancing delayed when they require an exchange within a tight time frame. The argument for not agreeing to use the recommended lawyer is that they may be unwilling to fight for your interests for fear of alienating the sellers. If you worry that this may be the case you should keep with your local Witham conveyancing practitioner.