I am progressing with the sale of my flat in Potters Bar and the EA has just called to say that the purchasers are switching conveyancer. The excuse is that the bank will only engage with solicitors on their approved list. Why would a big named mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Potters Bar ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 purchasers are unlikely to have any sway in the decision.
As a FTB what is the most important advice you can give me concerning purchase conveyancing in Potters Bar?
Not many law firms shout this from the rooftops but conveyancing in Potters Bar and elsewhere in Hertfordshire is often a confrontational experience. Put another way, when it comes to conveyancing there exists plenty of room for friction between you and others involved in the house moving process. E.g., the vendor, estate agent and even potentially the mortgage company. Selecting a solicitor for your conveyancing in Potters Bar an important selection as your conveyancer is your adviser, and is the ONLY party in the process whose interest is to act in your best interests and to protect you.
We are witnessing a definite creep in the "blame" culture- someone has to be blamed for the process being so protracted. You should always trust your solicitor ahead of all other players when it comes to the legal transfer of property.
My mortgage company has recommended a law firm on their panel based in Potters Bar but I would rather instruct a conveyancing lawyer in Potters Bar or nearer to where I live. Can you assist?
It is by no means the case that all Potters Bar conveyancing practices are approved and listed on all banks conveyancing panel. Use our find an approved solicitor tool to find a Potters Bar conveyancing solicitor on the on the lender panel.
I'm remortgaging my existing home to a BTL mortgage with Lloyds TSB Bank and intend to use the remaining equity as a deposit on a second house. The location we are interested in is Potters Bar. Will your solicitors be able to act for the two banks and link together the two deals?
Do use our comparison tool on this site to ensure that the lawyers are on the relevant lender panels. Assuming that they are your lawyer will be able to connect the two transactions but you should have a chat with you solicitor and make clear your expectations and requirements.
I have been sourcing a conveyancing lawyer in Potters Bar for my home move. Is it possible to review a solicitor's complaints history with the legal regulator?
Members of the public can review documented Solicitor Regulator Association (SRA) determinations stemming from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. For information Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The SRA sometimes monitor call for training requirements.
I have selected a Potters Bar conveyancing solicitor for our house purchase (FTB’s) and have picked up in the engagement letter that they are not governed by the Financial Conduct Authority. Am I right to be worried or is that the norm with conveyancing practitioner?
We can't see why they should be. Most lawyer don't lend money. They should be governed by the Solicitors Regulation Authority, who dictate stringent obligations covering funds held by them.