I am selling my apartment in Basingstoke and the EA has just telephoned to warn that the buyers are swapping law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. On what basis would a major mortgage company only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Basingstoke ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed 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 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 purchasers are not going to have any sway in the decision.
Please explain the implications if my lawyer’s firm is expelled from the Nottingham Solicitor panel ahead of completing my conveyancing in Basingstoke?
The first thing to point out is that, this is a very rare occurrence. 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 for a fee.
I just acquired a house at auction in Basingstoke. Conveyancing is needed. What is next?
Now that you are exchanged you will need to find a conveyancing solicitor quickly as you now have a fast approaching a drop dead date to complete the purchase. All auction property will have a corresponding auction pack. This will include most,if not all of the paperwork that your lawyer requires. If you have purchased leasehold property the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to a leasehold property. You should give this to the lawyer working for you as soon as possible. Do make sure that that you have the requisite funding in place to complete the transaction on the set completion date.
Is it correct that all Basingstoke CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing list of approved practices?
It is true that some banks and building societies now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
Is it the case that all Basingstoke solicitors on the Principality conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Principality approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of mortgage companies do allow licenced conveyancers on their panel and in that case the practice would be overseen by the Council of Licensed Conveyancers.
Due to the encouragement of my in-laws I had a survey completed on a house in Basingstoke prior to retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some lenders will refuse to issue a loan on this type of house.
It varies from the lender to lender. Santander has different instructions from Nationwide. If you contact 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 Basingstoke. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Basingstoke to see if the conveyancing costs will increase in light of this.
I'm remortgaging my primary home to a buy to let mortgage with Bank of Scotland and I will use the ballance of the raised equity as a down payment on another property. The area we are interested in is Basingstoke. Will your lawyers be able to act for both sets of banks and tie in the two deals?
Make use of our comparison tool on this site to ensure that the solicitors are on the appropriate lender panels. On the basis that they are the lawyer will be able to tie up the two deals but you should talk with you lawyer and make clear your expectations and needs.
Me and my husband accepted an offer on a Basingstoke flat we inherited some years ago in 2009. I have over 12 years conveyancing experience and, now retired, intend to carry out the legal work. The purchaser's property lawyer has informed me that their mortgage company will not allow you to do your own conveyancing requiring the funds to be transferred to a solicitor's bank account.
Mortgage instructions to conveyancers from all mainstream lenders state that If the vendor does not have legal representation the buyer’s lawyers should check whether the mortgage company needs to be notified so that a decision can be reached as to whether they are willing to move forward.