We are buying a 2 bedroom flat in Southwold with a mortgage. We like our Southwold conveyancer, however the lender advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Southwold conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Southwold conveyancing solicitor to apply to be on the conveyancing panel.
We see that you have a search directory listing firms on the HSBC conveyancing panel. Do companies pay you a referral fee if I instruct them for our own conveyancing in Southwold?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Southwold.
Please explain the implications if my solicitor is removed from the Virgin Money Solicitor panel ahead of completing my conveyancing in Southwold?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have been told that property searches are the main reason for delay in Southwold conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Southwold.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Southwold is where the house is located. Can you offer any opinion?
Flying freeholds in Southwold are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southwold you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southwold may decide 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 selling my property. My previous conveyancers have shut. I am in need of a recommendation of a conveyancing firm. Im based in Southwold if that affects matters.
You should use our search tool to help you choose a solicitor for your conveyancing in Southwold. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.