I am one month into the sale of my flat in Mulbarton and the EA has just telephoned to advise that the purchasers are swapping solicitor. The excuse is that the bank will only work with property lawyers 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 appoint to handle their conveyancing in Mulbarton ?
Banks have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lenders blame a rise in fraud as the reason for the pruning – criteria have been narrowed 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 hearing daily from firms that have been removed from panels. Plenty of firms 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.
My wife and I have recently appointed a conveyancing solicitor in Mulbarton. I need to find out whether they are accepted on the Halifax approved list of lawyers. Can you advise?
You should e-mail the lawyer and enquire whether they are on the lender panel. Alternatively you can call Halifax who may be able to help.
Despite weeks of looking the Title Certificate and documents to our home are lost. The lawyers who conducted the conveyancing in Mulbarton 5 years ago have long since closed. What do I do?
You no longer need to have the physical original deeds to evidence that you are the registered proprietor of land or property, given that the Land Registry have everything they need in a digital format.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a simple, chain free conveyancing. Mulbarton is the location of the property. Can you offer any opinion?
Flying freeholds in Mulbarton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mulbarton you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mulbarton may determine 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 property.
I am using a search engine for the term on line conveyancing in Mulbarton it brings up many solicitorslocally. How do I determine which is the suitable property lawyer for my move?
The ideal method of choosing a suitable conveyancer is via personal testimonial, so ask colleagues and those you trust who have acquired a property in Mulbarton or the local estate agent or financial adviser. Fees for conveyancing in Mulbarton differ, so it's a good idea to obtain a minimum of four fee estimates from varying types of law firms. Be sure to secure confirmation that the fees are fixed.
My son is embarking on her first house purchase, the home loan was agreed last week in principle. When the seller agreed the offer on the apartment we telephoned the mortgage institution to progress the mortgage application. I was disappointed to learn that mortgage companies do not accept all solicitor, they must be on their panel, is this legal?
Mortgage Companies normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Mulbarton solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.