I am one month into the sale of my ground floor flat in Edwinstowe and the estate agent has just e-mailed to warn that the purchasers are changing their solicitor. The excuse is that the bank will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Edwinstowe ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders attribute this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some 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 impact on this.
The Edwinstowe conveyancing firm handling our Edwinstowe conveyancing has identified a discrepancy when comparing the surveyor’s assumptions in the home valuation survey and what is in the title deeds. My solicitor informs me that he is obliged to check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
My wife and I are selling our house in Edwinstowe and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any high street Edwinstowe lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a nationwide conveyancing practice as opposed to a conveyancing solicitor in Edwinstowe. We have lived in Edwinstowe for many years we know that this is a non issue. Do we get in touch with our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I opted to have a survey carried out on a house in Edwinstowe before instructing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some lenders tend not issue a loan on this type of property.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Edwinstowe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Edwinstowe to see if the conveyancing will be more expensive.
I was pointed in your direction by two or three local selling agents in Edwinstowe to get a quote from a solicitor on your site. What’s the financial inducement for Estate Agents to promote your site ahead of another?
We refuse to give any referral fee for sending work to this site. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My father has encouraged me to instruct his lawyers for conveyancing in Edwinstowe. Should I choose my own property lawyer?
No doubt it’s preferable to choose a conveyancing solicitor is to seek recommendations from friends or relatives who have actually used the firm you're considering.