I am selling my maisonette in Brompton and the estate agent has just e-mailed to say that the purchasers are switching law firm. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. Why would a major mortgage company only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Brompton ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase 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 are unaware that 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.
Our son-in-law is buying a newly built flat in Brompton with a mortgage from Barclays. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Barclays conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We note that you have a post code search directory listing solicitors on the TSB conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Brompton?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Brompton.
My wife and I have recently appointed a conveyancing solicitor in Brompton. I I would like to check whether they are on the Barclays Direct conveyancing panel. Can you or the lender confirm if they are on the panel?
The first thing you should do is call the solicitor and enquire if they can act for the bank. Alternatively you can get in touch with Barclays Direct who may be able to help.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Brompton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Brompton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Brompton you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Brompton may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We are thinking of instructing a web based solicitor rather than a Brompton conveyancing practice. Am I making a mistake?
There are advantages of being able to pop in to a local Brompton conveyancing solicitor for instance
- signing documents and and when necessary
- often being able to see someone face-to-face can make a significant difference, particularly for non-standard conveyancing
- the ability to raise concerns if things are not going as expected
When checking quotes, look out for hidden extras. The majority decent Brompton high street solicitors give an all-inclusive figure. Often online companies appear to offer cheap prices, yet have hidden 'extras' in the in the terms and conditions.