I am progressing with the sale of my ground floor flat in Adamsdown and the EA has just e-mailed to warn that the purchasers are changing their property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. On what basis would a major lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Adamsdown ?
Lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 buyers are not going to have any impact on this.
Please could you vouch for a Norwich and Peterborough Building Society sanctioned Adamsdown conveyancing practice that can complete within two weeks? Am I best advised to unstruct a local Adamsdown firm or an online comparison site?
We can recommend some very good Adamsdown conveyancing firms. You can also walk up the high street in Adamsdown. Visit some well established law practices and request to see a conveyancing solicitor for a quote. Mention your time frames together with your reasons and ask for an assurance on your deadline. Select the lawyer that genuine.
In what way does my ID and proof of funds have anything to do with my conveyancing in Adamsdown? What am I being asked for?
Adamsdown conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Proof of source of funds is also necessary in accordance with the money laundering laws as lawyers are mandated to investigate that the money you are utilising to acquire a property (be it the exchange deposit or the full purchase price where you are a cash purchaser) has originated from a reputable source (such as an inheritance) as opposed to the product of illegitimate behaviour.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to appoint a Adamsdown based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel conveyancers should you want the "fee-free" deal. Call the bank and check if they make available a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Adamsdown.
Various internet forums that I have come across warn that are the primary reason for hinderance in Adamsdown house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Adamsdown.
I am planning to acquire a property and need a conveyancing solicitor in Adamsdown who is on the mortgage company approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the mortgage company who conduct conveyancing in Adamsdown. We dont recommend any particular solicitor.