I am selling my home in Ladywood and the EA has just telephoned to advise that the buyers are changing their property lawyer. The excuse is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a major lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Ladywood ?
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 Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say 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 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 not going to have any impact on this.
Do lenders provide you with an approved list of Ladywood conveyancing solicitors? How do you know who is on the HSBC conveyancing panel?
Ladywood conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Ladywood so that I can attend their offices when needed.
These days conveyancing panel lawyers for lenders conduct the vast majority of communications via Royal Mail, internet or over the phone. This means that they can undertake the conveyancing transaction regardless of where you live in the country. Nevertheless you can check if you have the option of attending the offices of your conveyancing lawyer if just in case this is required.
How does conveyancing in Ladywood differ for new build properties?
Most buyers of new build property in Ladywood approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Ladywood typically buy the site, 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 conveyancers 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 Ladywood or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Ladywood is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ladywood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ladywood you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ladywood may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I was pointed in your direction by numerous selling agents in Ladywood to select a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to promote your lawyers over a competitor’s?
We don’t offer any financial incentive for directing people in our direction. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.