I am nearing exchange of contracts for my apartment in Fairbourne and the estate agent has just e-mailed to say that the buyers are appointing a new law firm. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Fairbourne ?

Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.

Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The buyers are not going to have any sway in the decision.

Can you explain why leasehold purchase conveyancing in Fairbourne costs more?

Fairbourne leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.

I am considering applying for a Kent Reliance mortgage for purchase of a newly converted (under development) in Fairbourne with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?

In theory, you could use a solicitor that is not on the Kent Reliance conveyancing panel, but Kent Reliance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.

How does conveyancing in Fairbourne differ for new build properties?

Most buyers of new build property in Fairbourne come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Fairbourne usually buy the real estate, 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 accustomed to new build conveyancing in Fairbourne or who has acted in the same development.

I see that you have a post code search directory identifying firms on the mortgage company conveyancing panel. Do Fairbourne conveyancing firms pay you a referral fee if I retain them for my house purchase?

We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Fairbourne.