I am nearing exchange of contracts for my flat in Denbigh and the EA has just telephoned to advise that the buyers are switching conveyancer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. Why would a leading lender only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Denbigh ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. Some 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. The purchasers are unlikely to have any sway in the decision.
How up to date is your database of Denbigh solicitors on the Lloyds conveyancing panel? Do Lloyds send you an updated list?
Denbigh conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
My mortgage company has recommended solicitors on their panel based in Denbigh but I would rather choose a conveyancing lawyer in Denbigh or nearer to where I live. Can you assist?
It is by no means the case that all Denbigh conveyancing practitioners are listed all lender’s conveyancing panel. Use our search tool to choose a Denbigh conveyancing conveyancer on the on the lender panel.
I used Stirling Law several years ago for my conveyancing in Denbigh. Now, I need the documents however the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Denbigh of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Denbigh I like with amenity areas and railway links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Denbigh suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage that many years may be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
Am I best advised to choose a Denbigh conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can deal with the legal work but his firm is located 200miles away.
The benefit of a local Denbigh conveyancing practice is that you can pop in to execute documents, hand in your identification documents and apply pressure on them where appropriate. Having local Denbigh know how is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were impressed that should surpass using an unknown Denbigh conveyancing solicitor solely due to them being local.