I am selling my apartment in The Meadows and the estate agent has just called to advise that the purchasers are switching law firm. 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 big named lender only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in The Meadows ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies point to the increase 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 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. 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 impact on this.
My husband and I are buying a newly built apartment in The Meadows and my lawyer is informing me that she is duty bound to the bank to reveal incentives from the seller. I am on a tight deadline to exchange contracts and I would rather not prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company 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.
At what point does exchange of contracts occur in domestic conveyancing in The Meadows and do I need to attend the lawyers office?
If you are near to one of the conveyancing solicitors in The Meadows you are invited in to sign contracts. However, the law practices we work with supply a national conveyancing service and give as equally diligent and professional a job for you when dealing with you electronically. The signing of the contract is not when everything is set in stone. Signing on the dotted line is necessary for the conveyancer to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in The Meadows)to be in the office available at the end of the phone to exchange contracts.
Do I have to visit the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in The Meadows so that I can attend their offices when needed.
As opposed to ten years ago, most banks no longer need their conveyancing panel lawyer to witness the borrowers signature. It will still be necessary for you to supply ID documents and there are still distinct advantages to instructing a local practitioner, in your situation a conveyancing solicitor in The Meadows.
My colleague recommended that where I am buying in The Meadows I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard The Meadows conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about The Meadows around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the The Meadows Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding The Meadows.
I have been pointed in your direction by a number of property agents in The Meadows to get a quote from a solicitor using your seach tool. What’s the financial inducement for Estate Agents to offer your services ahead of another?
We refuse to offer any financial incentive for pointing buyers and sellers to this site. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.