I am in the process of selling my flat in Penwortham and the EA has just called to say that the buyers are changing their conveyancer. The reason given is that the lender will only deal with solicitors on their approved list. On what basis would a leading mortgage company only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Penwortham ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions 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. 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 purchasers are not going to have any sway in the decision.
I am buying a new build flat in Penwortham and my conveyancer is advising me that she is duty bound to the lender to disclose incentives from the builder. I am under pressure to exchange and my preference is not to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am purchasing a garden flat in Penwortham. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Penwortham you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Penwortham.
My wife and I are buying a house in Penwortham. It might be a silly question but how we can trust a conveyancer? On the day of competition we have to send funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
What is your number one tip for choosing a conveyancing solicitor in Penwortham
Do not opt for the cheapest Penwortham conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Penwortham?
There are two types of lawyers who can carry out conveyancing in Penwortham namely licenced conveyancers or solicitors. Both professionals handle the legal services that you need to complete the disposal or acquisition of property. Both are required to perform Penwortham conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be professionally conducted and that all necessary procedures will be suitably followed.
Do commercial conveyancing searches reveal planned roadworks that may impact a commercial property in Penwortham?
Many commercial conveyancing solicitors in Penwortham will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Penwortham. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Penwortham.
For each commercial conveyancing transaction in Penwortham it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Penwortham commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Penwortham.
How do I search for a Penwortham solicitor on the Nottingham Building Society conveyancing panel? I have a car and am prepared to travel upto 20kilometers to meet the solicitor.
You can use the search on this website. Please pick a mortgage company and your location and you will see a number of Penwortham conveyancing lawyers located nearest you. We have detailed some Penwortham conveyancing firms at the bottom of this page and you can telephone them to see whether they are on the Nottingham Building Society member panel