I am 3 weeks into the sale of my apartment in Hurstpierpoint and the EA has just text me to advise that the buyers are appointing a new conveyancer. The excuse is that the bank will only engage with solicitors on their approved list. On what basis would a big named mortgage company only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Hurstpierpoint ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks justify this action to a rise in fraud by way of justification 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 claims that it is hearing daily from firms 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 not going to have any sway in the decision.
My husband and I are nearing an exchange on a house in Hurstpierpoint and my mum and dad have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancer is legally required to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Hurstpierpoint costs more?
Hurstpierpoint leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I have a decision in principle. The bank mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would prefer to appoint a Hurstpierpoint based conveyancing firm?
You should check but the chances are that appoint one of their panel lawyers if you want the "fee-free" deal. Contact the mortgage company and see if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Hurstpierpoint.
Various online forums that I have frequented warn that are the number one cause of stalling in Hurstpierpoint conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Hurstpierpoint.
I have read on numerous online forums that before choosing a conveyancing firm they must be approved by your bank. This is my first home move but I have an AIP from Santander and I already have a bricks and morter conveyancing lawyer in Hurstpierpoint lined up. Does Nat West Bank require an approved lawyer to be selected? If so, where do I find that list so I can pick a conveyancing solicitor in Hurstpierpoint?
You should choose a solicitor that is on the Nat West Bank panel. Just ring your chosen Hurstpierpoint conveyancing solicitor to check if they are on the Nat West Bank panel. If they are not on the panel you have numerous alternatives available to you here:
- Proceed with your chosen Hurstpierpoint property lawyer but Nat West Bank will no doubt instruct a solicitor on their approved panel. The net impact is additional charges and likely frustration.
- Appoint a new conveyancing practitioner to conduct the conveyancing, making sure they are on the Nat West Bank conveyancing panel.
- Convince your conveyancer to do everything possible to get listed on the Nat West Bank panel of solicitors.