I am nearing exchange of contracts for my house in Maldon and the EA has just called to warn that the purchasers are swapping law firm. The excuse is that the bank will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Maldon ?
Banks have always had panels of law firms they are content to work with, but in recent 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 many years.
Banks justify this action to a rise in fraud as the reason for the cull – criteria have been stiffened 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 unlikely to have any sway in the decision.
We are buying a newly built duplex in Maldon and my solicitor is advising me that she has to the bank to disclose incentives from the developer. I am under pressure to sign contracts and I would rather not prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When can the exchange of contracts take place for purchase conveyancing in Maldon and do I need to attend the lawyers branch?
Where you are near to our conveyancing solicitors in Maldon you are invited in to sign the paperwork. That being said, the law practices we recommend supply a national conveyancing service and give just as comprehensive and professional a job for you when communicating with you digitally. The signing of the purchase agreement is not the point of no return. Signing on the dotted line is necessary for the solicitor to officially exchange at the suitable time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Maldon)to be in the office available at the end of the phone to exchange contracts.
Please explain the implications if my solicitor is suspended from the Barclays Solicitor panel ahead of completing my conveyancing in Maldon?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
The deeds to my house can not be found. The conveyancers who did the conveyancing in Maldon 4 years ago are no longer around. Will I be able to sell the house?
As long as you have a registered title the information relating to your proprietorship will be retained by HMLR with a Title Number. It is easy to carry out a search at the Land Registry, find your house and order up to date copies of the Registered Entries for less than a fiver. If the property is Leasehold then the Land Registry will in most cases retain a certified duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
What makes your site different to alternative internet conveyancing brokers for conveyancing in Maldon?
At this site receive a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Maldon. As opposed to estate agents and brokerage sites we do not have kick-back deals with solicitors. Some agents and online brokers 'recommend' the firm who pay the highest commission, not the best value conveyancing in Maldon