I am progressing with the sale of my ground floor flat in Bedford Hill and the estate agent has just called to advise that the purchasers are appointing a new solicitor. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with specific law firms rather the firm that they want to select for their conveyancing in Bedford Hill ?

Lenders have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.

Mortgage companies attribute this action to a rise in fraud as the reason for the pruning – criteria have been stiffened 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. Plenty of firms 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 buyers are not going to have any impact on this.

My wife and I are buying a new build flat in Bedford Hill and my conveyancer is advising me that she is duty bound to the bank to reveal incentives from the builder. The Estate Agents are hassling me to sign contracts and I have no desire to prolong matters. is my lawyer playing by the book?

You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender 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.

In what way does my ID and proof of funds have anything to do with my conveyancing in Bedford Hill? What am I being asked for?

Bedford Hill conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under money laundering regulations to verify the identity of any client with a view to satisfy themselves that clients are who they say they are.

Conveyancing clients are required to disclose two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill no more than three months).

Confirmation of the origin of funds is also required in compliance with the money laundering statutes as conveyancers are required to check that the money you are utilising to purchase a property (whether it be the deposit for exchange or the full purchase price if you are a cash purchaser) has originated from a reputable source (such as an inheritance) as opposed to the fruits of illegitimate activity.

I am buying a new build apartment in Bedford Hill. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Bedford Hill

If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?

My 20yr old son is about to join the property ladder, he had his mortgage in principle. When the offer was accepted on flat we called the mortgage company to go forward with his. We were very surprised to learn that mortgage lenders do not accept all conveyancing practitioner, they have to be on a list, is this correct?

Mortgage Companies normally imposes restrictions either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Bedford Hill conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.