I am progressing with the sale of my maisonette in Cotham and the EA has just e-mailed to say that the buyers are changing their property lawyer. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a major lender only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Cotham ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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. Some 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.
It is is a decade since I acquired my property in Cotham. Conveyancing solicitors have now been instructed on the sale but I am unable to find the title deeds. Is this a problem?
You need not be too concerned. Firstly there is a possibility that the deeds will be retained by your lender or they may stored with the solicitor who handled your purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. Nearly all conveyancing in Cotham involves registered property but in the unlikely event that your property is not registered it adds to the complexity but is resolvable.
I had intended to instruct a property lawyer in Cotham for our house move. Our broker informed us that our mortgage company Britannia won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Cotham conveyancing firms would have been on many mortgage company panels. The FSA in 2010 completed a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms relating to their operations and their employees and establishing certain criteria such a completing on a minimum volume of conveyancing. Many Cotham conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Cotham is amongst the numerous areas where the lawyers we recommend are are approved Britannia.
How does conveyancing in Cotham differ for newly converted properties?
Most buyers of new build property in Cotham approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Cotham tend to 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 accustomed to new build conveyancing in Cotham or who has acted in the same development.
My brother has recommend that I instruct his conveyancing solicitors in Cotham. Do I follow his guidance?
No doubt the ideal way to select a conveyancing lawyer is to seek recommendations from friends or family who have actually used the firm that you are considering.
Are there any apps to help find a Cotham conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 10miles to attend the lawyer.
You can use the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case Cotham and you will see a number of lawyer located nearest Cotham. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.