I am in the process of selling my flat in Catford and the EA has just called to advise that the buyers are switching solicitor. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a major lender only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Catford ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. 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. 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. The buyers are unlikely to have any sway in the decision.
I am considering applying for a Co-operative mortgage for purchase of a new build (under development) in Catford with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Is it the case that all Catford CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing panel?
Some major lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
We expect to receive a AIP from Santander this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Catford solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Catford solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I was told three weeks ago that my mortgage has been agreed to by Clydesdale. Is it usual for Clydesdale to only issue the offer once my solicitor in Catford is approved on their conveyancing panel? Clydesdale have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
I require expedited conveyancing in Catford as I have a deadline to sign on the dotted line in less than one month. Luckily I do not require a mortgage. Can I avoid the conveyancing searches to save money and time?
As you are not taking a mortgage you are at liberty not to have searches carried out although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Catford the following are examples of what can arise and adversely impact the marketability of the property: Enforcement Notices, Outstanding Fees, Overdue Grants, Unadopted Roads,...
I have been advised by a number of estate agents in Catford to get a quote from a solicitor using your seach tool. What’s the financial inducement for Estate Agents to recommend your services rather than another?
We refuse to offer any financial incentive for sending work our way. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I need to instruct a conveyancing solicitor for freehold conveyancing in Catford. I have chance upon a site which looks to be the ideal answer If it is possible to get all formalities done via email that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?