I am one month into the sale of my home in Boston and the EA has just e-mailed to say that the purchasers are switching property lawyer. The reason given is that the mortgage company will only engage with property lawyers on their approved list. Why would a leading lender only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Boston ?
Banks have always had an approved set of law firms that can act for them, but in the last 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 over 25 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 purchasers are unlikely to have any sway in the decision.
Do the conveyancing lawyers that you recommend perform conveyancing in Boston by way of an attended exchange?
There are a few conveyancing experts who can conduct personalised exchanges. You should call us to obtain a fee calculation and details as to dates.
What does my ID and proof of funds have anything to do with my conveyancing in Boston? Is this really necessary?
It is indeed that case that these requests have nothing to do with conveyancing in Boston. Nowadays you will not be able to proceed with any conveyancing deal without first supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as proof of ID it needs to be both the paper element and photo card part, one is not satisfactory without the other.
Proof of your origin of monies is mandated in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancing solicitor must retain this information on record. Your Boston conveyancing practitioner will require evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask additional questions concerning the origin of monies.
What can a local search tell me regarding the property my wife and I buying in Boston?
Boston conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for example Xpress Legal The local search is essential in every Boston conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your new home. The search will provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
How does conveyancing in Boston differ for new build properties?
Most buyers of new build premises in Boston come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Boston tend to purchase the site, 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 conveyancing solicitors 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 used to new build conveyancing in Boston or who has acted in the same development.