I am selling my maisonette in Bovey Tracey and the EA has just text me to say that the buyers are switching solicitor. The reason given is that the mortgage company will only work with property lawyers on their approved list. Why would a big named lender only work with certain law firms rather the firm that they want to select for their conveyancing in Bovey Tracey ?
Banks 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 reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed 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. 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 sway in the decision.
Various online forums that I have come across warn that are a common reason for delay in Bovey Tracey conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Bovey Tracey.
I used Arc property Solicitors several years ago for my conveyancing in Bovey Tracey. I now require my file but cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bovey Tracey of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Bovey Tracey differ for newly converted properties?
Most buyers of new build residence in Bovey Tracey come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Bovey Tracey typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bovey Tracey or who has acted in the same development.
Is it simple use the search facility to locate a conveyancing solicitor in Bovey Tracey on the authorised to act for my lender?
Step one is to select a lender such as Accord Mortgages Ltd, The Royal Bank of Scotland or Clydesdale then choose your preferred area for example Bovey Tracey. Conveyancing firms in Bovey Tracey and across England and Wales should be shown.
My estate agent has recommended their property lawyer for my conveyancing in Bovey Tracey - Surely it’s better to just use them?
This is not necessarily the case and you are at liberty to instruct whichever conveyancing practitioner you prefer for your Bovey Tracey home move. The conveyancer suggested by an estate agent may not necessarily be the right conveyancing practitioner, they may suggest their preferred conveyancing firm who are based far away. In this instance you may not have contact with your property lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.