I am one month into the sale of my apartment in Verwood and the EA has just called to warn that the buyers are appointing a new law firm. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major lender only engage with specific law firms rather the firm that they want to select for their conveyancing in Verwood ?
Lenders have always had panels of law firms that can represent them, but in the past 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 many years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose 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 are unaware that 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 impact on this.
We are about to exchange contracts for a property in Verwood. We encountered a snag. Our mortgage offer with Godiva Mortgages Ltd runs out on 10/11/2025 but the vendors are putting forward a completion date of 12/11/2025. Can one prolong the loan offer?
The person best placed to deal with your issue is your solicitors who will hopefully determine whether he or she is better off negotiating with the mortgage company, seller’s lawyers, selling agents or indeed all parties given the history of your house move to date.
Do I need to visit the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Verwood so that I can attend their offices if necessary.
Whereas this was necessary twenty years ago, almost all banks no longer oblige their conveyancing panel lawyer to witness the borrowers signature. It will still be necessary for you to provide identification documents and there are still manifest advantages to using a local solicitor, in your case a conveyancing solicitor in Verwood.
How does conveyancing in Verwood differ for newly converted properties?
Most buyers of new build or newly converted property in Verwood come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Verwood tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Verwood or who has acted in the same development.
My husband and I have agreed a price on a Verwood ground floor flat left to us seven years ago in 2009. I have over ten years conveyancing knowledge and, although retired, wish to conduct my own legal work. The purchaser's conveyancer has informed me that their mortgage company will not allow us to do our own conveyancing as they require the funds to be sent to a solicitor's bank account.
Lending requirements to lawyers from all CML members state that If the seller does not have legal representation the buyer’s lawyers should check whether the bank needs to be told so that a decision can be made as to whether they are prepared to move forward.