I am nearing exchange of contracts for my home in Comberton and the EA has just called to advise that the buyers are switching law firm. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. Why would a major mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Comberton ?
Lenders have always had panels 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 worked with them for many years.
Lenders blame a rise in fraud as the reason for the cull – 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 says it is hearing daily from firms 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 buyers are not going to have any impact on this.
Should conveyancers ask for money on account for my conveyancing in Comberton?
If you are buying a property in Comberton your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the purchase price then this should be required shortly ahead of contracts are exchanged. The final balance that is due should be sent to your lawyer a few days prior to the day of completion.
The Comberton conveyancing firm that just started acting on my purchase in Comberton have without warning shut down. I only went with them because I needed a firm on the Barclays conveyancing panel and my family Comberton lawyer was not. I paid them £170 on account. What do I do now?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
How does conveyancing in Comberton differ for new build properties?
Most buyers of new build residence in Comberton come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Comberton usually 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 conveyancing solicitors 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 used to new build conveyancing in Comberton or who has acted in the same development.
Given that I will soon spend 450k on a garden flat in Comberton I wish to have a conversation with the conveyancer about myhome move prior to instructing the firm. Is this something that you can arrange?
Absolutely - we would be delighted to talk to you we do not take any clients on without you speaking to the conveyancer due to be doing your conveyancing in Comberton.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter reference. The law firms that we put you in touch with believe that the fees you are provided with for residential conveyancing in Comberton should be the amount on the final invoice that you are charged.
How much should conveyancing in Comberton cost?
Almost all Comberton conveyancing practices will agree to a standard fee. Where further work becomes necessary during the transaction your solicitor must disclose to you in writing of any additional costs for such work immediately it becomes obvious. Some work on a no completion no fee offering, others will levy an bill for a percentage of the agreed costs, calculated based on the point at which the deal does not go ahead.
It may be helpful for you to ask two or three conveyancers to give you an estimate.