I am 4 weeks into the sale of my house in North Ferriby and the EA has just called to warn that the purchasers are swapping solicitor. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to appoint to handle their conveyancing in North Ferriby ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders attribute this action to a rise in fraud as the reason for the pruning – criteria have been narrowed 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 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. The buyers are not going to have any impact on this.
Finally the sale completed on my house in North Ferriby last May yet the purchaser is e-mailing every few hours to moan that his conveyancer is waiting to hear from mylawyer. What should my lawyer have done following completion?
Following your house sale your conveyancer is duty bound to forward the transfer documentation and all additional paperwork to the buyer’s conveyancer. Where relevant, your lawyer must also evidence that the legal charge in favour of the lender has been repaid to the purchasers solicitors. There are no post completion requirements just for conveyancing in North Ferriby.
The North Ferriby conveyancing solicitors that just started acting on my purchase in North Ferriby have without warning closed. I chose them because I had to have a solicitor on the Clydesdale conveyancing panel and my preferred North Ferriby lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Clydesdale conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I have been told that property searches are the number one reason for hinderance in North Ferriby house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in North Ferriby.
I am using a search engine for the term cheap conveyancing in North Ferriby it brings up many solicitorslocally. How do I determine which is the suitable solicitor for me?
The best way of choosing a suitable conveyancer is via trusted recommendation, so ask colleagues and relatives who have purchased a property in North Ferriby or a local estate agent or mortgage broker. Fees for conveyancing in North Ferriby vary, so it's sensible to secure a minimum of three estimates from varying types of law firms. Dont forget to clarify what costs in the quote includes.
How easy is it to change a solicitor as I need to find a North Ferriby based firm who is on the mortgage company conveyancing panel. How simple is it to change conveyancer?
In the event that you have not formally instructed a solicitor to do anything for you and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in North Ferriby that you're considering.