I am progressing with the sale of my flat in Farnham and the EA has just text me to advise that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. On what basis would a major lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Farnham ?
Banks 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders attribute this action to a rise 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 says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 not going to have any impact on this.
After scouring consumer advice sites for a cheap lawyer in Farnham, many post that I should use a CQS assured solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home ownership transfers, trusted by some of the UK's biggest mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). CQS is not a scheme offered by the Council of Licensed Conveyancing. Farnham is one of the numerous areas in England and Wales where there are Accredited lawyers.
4 months have gone by following my purchase conveyancing in Farnham concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Farnham differ for new build properties?
Most buyers of new build premises in Farnham approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Farnham typically acquire 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 used to new build conveyancing in Farnham or who has acted in the same development.
Developers have put forward a conveyancing practitioner and I've received a quote from them. They are almost two hundred pounds less expensive than my own Farnham conveyancing practitioner. Should I use them?
Developers often have panels of conveyancers who are quick and who know the seller’s documentation and property lawyer. Plenty of developers offer an inducement to select their approved lawyer for this reason, any increased charges can be avoided and a builder will not put forward a conveyancing factory and run the risk of having the transaction stall when they demand an exchange within a tight time frame. The argument for not opting for the recommended conveyancer is that they may be unwilling to 'push' your interests at the risk of alienating the housebuilder. Where you have concerns that this may be the situation you should keep with your high street Farnham lawyer.