I am progressing with the sale of my ground floor flat in Selston and the EA has just telephoned to advise that the buyers are swapping property lawyer. The excuse is that the lender will only deal with solicitors on their approved list. Why would a big named lender only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Selston ?

Banks have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.

Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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. 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. The buyers are unlikely to have any impact on this.

When does exchange of contracts happen for domestic conveyancing in Selston and do I need to be at the solicitors office?

If you are in close proximity to one of the conveyancing solicitors in Selston you are welcome to come in to sign contracts. That being said, the law practices we work with supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you electronically. The signing of the sale agreement is not when everything is set in stone. Signing on the dotted line simply enables the firm to address the formalities at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Selston)to be in the office at the appropriate time.

I am about to put a bid on a leasehold flat in Selston. The estate agents say that it is usual for flats in Selston to have less than 75 years remaining. I am taking out a mortgage with Bank of Ireland. Will the property be mortgageable given that the lease has Seventy One years remaining.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/11/2024 the requirements read as follows :

I have been advised by my solicitor that breach of easement insurance is needed on my purchase. What is the level of cover for Selston conveyancing?

The appropriate level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between Barclays and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.

After months of negotiation I have agreed a price on an apartment in Selston. My financial adviser suggested a conveyancing practitioner. I paid an advanced payment of £225. A couple of days later, the lawyer called me embarrassingly acknowledging that they were not on the HSBC conveyancing panel. Am I right in thinking that I should be due a refund?

You should be able to recover this from the law firm if they were not on the HSBC panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.

Planning on purchasing a maisonette in Selston. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.

They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Selston lawyer is on the Barclays conveyancing panel.

Me and my wife are soon to complete buying a house in Selston but as a result of damage from the recent storms I have negotiated recompense from the vendor of £2k in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process however my lender will not permit this. Why were they approached?

Any solicitor that is on the bank approved list is obliged to advise the mortgage company of any amendments to the sale price. If you were to refuse your property lawyer to report the reduction to your bank then they would have to discontinue representing you and the bank.