I am selling my flat in Barrow Upon Soar and the estate agent has just text me to say that the purchasers are switching law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. Why would a major mortgage company only work with certain lawyers rather the firm that they want to select to handle their conveyancing in Barrow Upon Soar ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud by way of justification for the pruning – 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 says it is being contacted daily by practices 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. Your purchasers are not going to have any impact on this.
My fiance and I wish to acquire a newly converted apartment in Barrow Upon Soar with a homeloan from Platform Home Loans Ltd.We have a Barrow Upon Soar conveyancing lawyer but Platform Home Loans Ltd advised that she’s not on their approved list of member firms. It seems we are left with no choice but to instruct a Platform Home Loans Ltd panel solicitor or retain our high street solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan issued to you contains terms and conditions, a common one being that conveyancers needs to be on the Platform Home Loans Ltd approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Platform Home Loans Ltd
Is there a list of Nottingham panel solicitors in Barrow Upon Soar on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association sites. Very few lenders make their panel listings visible over the internet. If you are in need of a Barrow Upon Soar property lawyer on the Nottingham please make the most of our facility.
is it true that all Barrow Upon Soar conveyancing solicitors on the Yorkshire BS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be governed by the SRA. The majority of banks do list licenced conveyancers on their panel and in such a situation the organisation would be overseen by the CLC.
The mortgage over my property is with Virgin Money for my property in Barrow Upon Soar. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
You must advise Virgin Money in advance of letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel solicitor.
I decided to have a survey completed on a house in Barrow Upon Soar before appointing conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some banks tend refuse to grant a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Barrow Upon Soar. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Barrow Upon Soar to see if the conveyancing costs will increase in light of this.
Am I right to be concerned about brokers that I am dealing with are recommending an internet conveyancing firm as opposed to a local Barrow Upon Soar conveyancing company?
As is the case with many service providers, often referrals from relatives can be worth their weight in gold. Yet there are many players in a conveyancing deal; estate agents, financial adviser and lenders might all put forward solicitors to retain. Sometimes the lawyers might be known to one of the organisations as being good in their field, but sometimes there might be a financial incentive behind the recommendation. You have the discretion to appoint your own conveyancer. Don't forget that the majority of banks specify a panel list of solicitors you have to use for the lender related work in your transaction.
My step-father has encouraged me to use his conveyancing solicitors in Barrow Upon Soar. Should I use them?
Much as we are happy to recommend a Barrow Upon Soar conveyancing lawyer it’s preferable to select a conveyancing practitioner is to get guidance from friends or family who have previously instructed the firm you're contemplating using.