I am selling my home in Chepstow and the estate agent has just text me to advise that the purchasers are appointing a new conveyancer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only work with certain law firms rather the firm that they want to select for their conveyancing in Chepstow ?
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 Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. 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. 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.
Should conveyancers request money on account for conveyancing in Chepstow?
Where you are retaining lawyers for conveyancing in Chepstow your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. Normally this is requested to cover the fees of the conveyancing searches. When the down payment is payable against the purchase price then this should be required immediately in advance of exchange of contracts. The closing balance that is needed should be sent to your lawyer a couple of days ahead of the day of completion.
How does conveyancing in Chepstow differ for new build properties?
Most buyers of new build property in Chepstow contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Chepstow tend to acquire 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 conveyancers 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 Chepstow or who has acted in the same development.
My husband and I are FTB’s - agreed a price, but the estate agent informed us that the seller will only proceed if we use their chosen lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Chepstow
It is highly unlikely the vendors are behind this. Should the owner require ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are ready to progress, with finances in place © you are unencumbered (d) you wish to move quickly (e)however you will continue to use your preferred Chepstow conveyancing solicitors - not the ones that will give their estate agent a kickback or meet his conveyancing targets pre-set by senior management.
I am seeking to purchase a repossessed flat in Chepstow and the mortgagee in possession would like to complete inside 28 days. Can a conveyancer complete in this timeframe? Am I best advised to use a local Chepstow firm or an online organisation that advertises to offer speedy conveyancing?
Visit your Chepstow high street. Go in to two or three firms and ask to see a conveyancing solicitor for an estimate. Explain your situation and seek assurances on time frames. Select the one that seems most genuine. Make sure to use a solicitor on the panel of conveyancers who can act for your mortgage company.