I am nearing exchange of contracts for my flat in Arkley and the estate agent has just telephoned to say that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only engage with certain law firms rather the firm that they want to select to handle their conveyancing in Arkley ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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. Your purchasers are not going to have any sway in the decision.
Do the Building Society Association intend to launch a searchable register to list practices on the Darlington Building Society conveyancing panel for instance in Arkley?
We would not expect to be advised of any plans on the part of the BSA to promote such a tool.
Should my solicitor be making enquiries concerning flooding as part of the conveyancing in Arkley.
Flooding is a growing risk for solicitors carrying out conveyancing in Arkley. There are those who acquire a house in Arkley, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a number of searches that can be carried out by the purchaser or by their lawyers which will figure out the risks in Arkley. The standard information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to determine whether the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the vendor, then a purchaser could commence a legal claim for losses stemming from an inaccurate reply. The buyer’s lawyers should also carry out an environmental report. This will disclose whether there is any known flood risk. If so, further inquiries should be initiated.
What is different about your site and alternative online quote calculators when it comes to conveyancing in Arkley?
At this site secure an accurate costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Arkley. Unlike many estate agents and many comparison sites we do not operate commission deals with solicitors. Some agents and online brokers 'recommend' the firm paying the highest commission, rather than the best value conveyancing in Arkley
Am I best advised to choose a Arkley conveyancing practitioner based in the area that I am buying? I have an old university friend who can handle the legal formalities however they are based 200miles drive away.
The benefit of a local Arkley conveyancing firm is that you can attend the office to execute paperwork, hand in your ID and pester them if necessary. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and the majority were content that should trump using an unknown Arkley conveyancing lawyer just because they are local.
Me and my wife have today had an offer accepted on our 1st home in Arkley, and are now looking to get solicitors appointed. I have utilised the various comparison tools and the fee estimates are from all over the country. Is it critical to have a Arkley conveyancing practitioner local to the prospective house? I am content to do everything electronically, but I guess at some stage we may need to attend the solicitor's office to sign contracts?
On the whole there is no requirement to physically visit the office of your lawyer, they can post any relevant contracts to you, which you can sign and send back. Many buyers and sellers prefer to instruct a locally based solicitor, but it's by no means a prerequisite for conveyancing in Arkley.