I am nearing exchange of contracts for my home in Dartmouth Park and the estate agent has just text me to advise that the buyers are switching property lawyer. The excuse is that the bank will only work with solicitors on their approved list. Why would a big named lender only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Dartmouth Park ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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 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. Your buyers are unlikely to have any sway in the decision.
Please help. My Dartmouth Park lawyer is assuring me that she is duty bound toapply for Dartmouth Park conveyancing searches becausethe firm are on the HSBCsolicitor panel. These Dartmouth Park searches cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Dartmouth Park conveyancing searches.
We wanted to use a conveyancing solicitor in Dartmouth Park for our house move. Our broker has since advised us that our mortgage lenders Bank of Scotland won't deal with them. Surely this is unduly restrictive?
Banks in the main imposes restrictions either the type or the amount of conveyancing solicitors on their approved list of lawyers. Typical examples of such criteria being that a firm must not be a sole practitioner. In addition to restricting the type of firm, some have reduced the number of solicitor practices they allow to act for them. Be aware that Bank of Scotland have no responsibility for the quality of advice provided by any member of Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are mixed opinions about the extent of solicitor engagement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Dartmouth Park only carry out a couple conveyances per annum.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Dartmouth Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Dartmouth Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
We're new on the property ladder - had an offer accepted, but the estate agent advised that the vendor will only go ahead if we instruct their preferred solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Dartmouth Park
We suspect that the owner is not behind this requirement. Should the vendor want ‘a quick sale', turning down a genuine buyer is counter productive. Try to communicate with the vendors directly and make sure they understand (a)you are motivated buyers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to appoint your preferred Dartmouth Park conveyancing solicitors - not the ones that will provide their estate agent a referral fee or hit his conveyancing targets demanded by head office.
Why can't I complete my conveyancing in Dartmouth Park on a public holiday?
This is due to the fact that on completion the funds needs to be transferred electronically between the banks of the buyer and seller's lawyer and at present this can only occur on a business day. So you can't complete on a weekend either.