I am in the process of selling my ground floor flat in Wargrave and the EA has just telephoned to say that the buyers are changing their solicitor. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Wargrave ?
Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. Your purchasers are unlikely to have any sway in the decision.
Why do I have to pay up front when it comes to conveyancing in Wargrave?
If you are buying a property in Wargrave your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the conveyancing searches. If any down payment is as part of the total price then this should be needed shortly prior to contracts are exchanged. Any further balance that is due will be payable shortly before completion.
When reading moneysavingexpert.com for a high-quality solicitor in Wargrave, most advise that I should look for a CQS accredited solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's major mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). The scheme does not cover licenced conveyancers. Wargrave is one of the numerous areas of the UK where there are Accredited lawyers.
Various web forums that I have come across warn that are the main cause of stalling in Wargrave conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Wargrave.
Due to the advice of my in-laws I had a survey completed on a house in Wargrave prior to appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some lenders will not give a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Wargrave. Conveyancing will be smoother if you use a solicitor in Wargrave especially if they are accustomed to such properties in Wargrave.
I'm refinancing my primary property to a buy to let loan with Barnsley Building Society and intend to use the remaining equity towards another property. The neighborhood we are talking about is Wargrave. Will your lawyers be able to act for both sets of banks and link together the conveyances?
Make use of our search tool on this page to ensure that the solicitors are approved by both lenders. Having checked that they are your solicitor should be able to tie up the two transactions but you should talk with you conveyancer and make clear your desired outcome and needs.