I am in the process of selling my house in Maidstone and the EA has just called to warn that the purchasers are changing their solicitor. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Maidstone ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say 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. Your purchasers are unlikely to have any sway in the decision.
I am in the process of refinancing my home in Maidstone, does my lawyer have to be on the UBS Solicitor panel?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have todayfound out that Stirling Law have been shut down. They conducted my conveyancing in Maidstone for a purchase of a leasehold flat 10 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The quickest way to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Maidstone conveyancing specialists.
I was advised by a couple of local selling agents in Maidstone to find a conveyancer on your site. Is there a financial upside for Estate Agents to market your services over and above another?
We don’t give any commission for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My father has recommend that I appoint his lawyers for conveyancing in Maidstone. Should I choose my own property lawyer?
Much as we are happy to recommend a Maidstone conveyancing lawyer the ideal way to select a conveyancing solicitor is to have feedback from friends or family who have actually previously instructed the firm that you are considering.
Why do I have to supply my lawyer with a list of items of ID ahead of starting selling or purchasing a property in Maidstone?
Maidstone lawyers are duty bound by the Law Society, Solicitors Regulation Authority, the Land Registry and current Money Laundering legislation to record that the have verified the identity of their clients. It will also be a condition of your bank if you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to SDLT and need to have information such as your full names, NI number and date of birth.