I am nearing exchange of contracts for my ground floor flat in Wakefield and the estate agent has just called to warn that the purchasers are appointing a new solicitor. The reason given is that the bank will only engage with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Wakefield ?
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 reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies justify this action to a rise in fraud as the reason 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 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 sway in the decision.
Our conveyancer has discovered a defect with the lease for the apartment we are buying in Wakefield. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
The Wakefield conveyancing firm that just started acting on my house acquisition in Wakefield have without warning closed. I only went with them because I needed a firm on the Skipton conveyancing panel and my preferred Wakefield lawyer was not. I wrote them a cheque for two hundred pounds in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Skipton conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
Given that I will soon spend hundreds of thousands of pounds on 3 bedroom house in Wakefield I wish to have a conversation with the lawyer about myhome move before instructing the firm. Can this be arranged?
This is something that we encourage - we would be pleased to talk to you we do not take any clients on without you speaking to the lawyer who will be doing your property ownership legalities in Wakefield.There is no ‘factory style conveyancing’ - every client is unique individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Wakefield should be the figure that you are charged.
We are 18 days into a leasehold purchase having been recommend to conveyancers by the high street agent to execute conveyancing in Wakefield. We are not happy. Could you you assist me in finding new conveyancers?
They would have to be very bad to suggest diss instructing them. Has the loan offer been sent? If so you must inform them of the replacement solicitor and have the loan are re-sent. The conveyancer needs to be on the banks approved list to avoid supplemental fees and frustration. So that should be your starting point. Our search tool can assist you in finding a lender approved lawyer for your conveyancing in Wakefield