I am progressing with the sale of my maisonette in Navenby and the estate agent has just called to warn that the buyers are switching conveyancer. The reason given is that the bank will only deal with property lawyers on their approved list. Why would a big named mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Navenby ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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 buyers are unlikely to have any impact on this.
I am getting closer to an exchange on a property in Navenby and my mum and dad have sent the exchange deposit to my conveyancer. I am now advised that as the deposit has not come from me my conveyancer needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancer is duty bound to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
My Conveyancer in Navenby is not listed on the Platform Home Loans Ltd Conveyancing Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are not on the Platform Home Loans Ltd list of approved lawyers?
The limited options open to you here include:
- Carry on with your preferred Navenby solicitors but Platform Home Loans Ltd will need to retain a conveyancer on their panel. This will result in additional overall conveyancing fees as well as result in delays.
- Choose an alternative lawyer to to deal with the conveyancing, not forgetting to check they are Platform Home Loans Ltd approved.
- Try to convince your Platform Home Loans Ltd based solicitor to seek to join the Platform Home Loans Ltd panel
We are purchasing a flat in Navenby. It might be a silly question but how we can trust a lawyer? On completion day we will need to send money into their account. What is the protection we have from them run away with our monies?
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.
We are aiming to move property in October. Will my conveyancing solicitor call the removal company on the completion day. As an aside, can you recommend a removal company in Navenby. Conveyancing lawyer was chosen before I stumbled across your page.
On the day of completion you can collect the keys from the property agent however this can only take place when the sellers solicitors advise the agent that the monies to complete are in and the keys can be handed over. After that you should tell the removal men that you are ready to move in. As a matter of policy we do not recommend a particular removal company but can assist you in finding a conveyancing in Navenby or a lawyer with expertise in conveyancing in Navenby.
When it comes to mortgage companies such as Nationwide, do Navenby property lawyers have to pay an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
As co-executor for the estate of my father I am disposing of a house in Swansea but I am based in Navenby. My conveyancer (approximately 235 kilometers from merequires that I execute a statutory declaration before the transaction finalising. Can you recommend a conveyancing practitioner in Navenby to witness this legal document for me?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Navenby based