I am nearing exchange of contracts for my flat in Clerkenwell and the estate agent has just telephoned to advise that the purchasers are changing their conveyancer. The excuse is that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading mortgage company only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Clerkenwell ?
Lenders have always had an approved set of law firms that can act for 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 worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. 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 being contacted daily by practices that have been removed from panels. Plenty of firms 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 purchasers are not going to have any impact on this.
When does exchange of contracts take place for residential conveyancing in Clerkenwell and do I need to be at the solicitors branch?
If you are in close proximity to our conveyancing solicitors in Clerkenwell you are invited in to sign the paperwork. That being said, the law practices we work with supply countrywide coverage for conveyancing and give just as diligent and professional a job for you when communicating with you digitally. The executing of the contract is not the critical part. Signing on the dotted line is necessary for the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Clerkenwell)to be in the office available at the end of the phone to exchange contracts.
When it comes to mortgage companies such as Virgin Money, do Clerkenwell conveyancing practitioners face an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I had a mortgage agreed in principle with HSBC. Clerkenwell conveyancing lawyers have been instructed. How long does it take for HSBC to forward the offer to the conveyancing practitioner?
There is no definitive answer here. Have HSBC completed the survey? Have you advised HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am due to exchange contracts on my house. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Santander are being pedantic. The Clerkenwell solicitor who is on the Santander conveyancing panel is recommending indemnity insurance as a solution but Santander are insisting on a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Am I right to be wary that 3rd parties that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a local Clerkenwell conveyancing firm?
As is the case with lots of service providers, often referrals from connections can be very helpful. But there are lots of people with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks may suggest lawyers to use. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You are free to appoint your preferred lawyer. Don't forget that most lenders specify a panel list of conveyancers you are obliged to use for the lender aspect of your home move.
We're novice buyers - agreed a price, yet the property agent told us that the owners will only proceed if we appoint the agent's recommended lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a family conveyancer who is familiar with conveyancing in Clerkenwell
It is unlikely the vendors are driving this. If they want ‘a quick sale', taking such a hostile approach to a serious buyer is counter productive. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are serious purchasers (b)you are excited to move forward, with finances in place © you are unencumbered (d) you wish to move quickly (e)however you will continue to use your preferred Clerkenwell conveyancing firm - as opposed tothe ones that will provide the negotiator at the agency a kickback or hit his conveyancing thresholds demanded by corporate headquarters.
We are soon to buying a flat in Clerkenwell. Conveyancing is not complete but we would like have the amount we are are purchasing for private from the likes of Zoopla. Is this achievable and how?
The Land Registry as a matter of law bound to reveal price sold data on a register of the title for domestic properties countrywide which includes homes in Clerkenwell. The Title Register is an open document, so HM Land Registry would be breaching their statutory obligations excluded certain homes such as the one in Clerkenwell.
In essence you can make a request of HM Land Registry to hide the amount paid entry however the answer would be in the negative.