I am nearing exchange of contracts for my home in Hotwells and the EA has just telephoned to say that the buyers are changing their property lawyer. The excuse is that the lender will only engage with solicitors on their approved list. On what basis would a big named lender only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Hotwells ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 buyers are unlikely to have any impact on this.
My wife and I have recently appointed a conveyancing solicitor in Hotwells. I I am struggling to find out whether they are accepted on the Nottingham Building Society approved list of lawyers. Could you advise?
The first thing to do is call the lawyer and enquire if they can act for the lender. Alternatively please call Nottingham Building Society who may be able to confirm.
We are due to move house in April. Should my conveyancing solicitor update the removal company on the day of completion. On a separate note, can you recommend a removal company in Hotwells. Conveyancing solicitor was chosen prior to coming across your website.
On the afternoon of completion you will need to pick up the keys from the property agent however this can only take place when the sellers lawyers confirm to the agent that they have the completion monies and the keys can be handed over. After that you should inform the removal company that you are ready to move in. As a matter of policy we do not suggest a particular removal organisation but can help you find a residential property solicitor in Hotwells or a lawyer with expertise in conveyancing in Hotwells.
We expect to receive a DIP from Principality this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Principality recommend any Hotwells solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Hotwells solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
The formalities of my purchase has taken place for my property in Hotwells. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Various internet forums that I have visited warn that are a common reason for stalling in Hotwells house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Hotwells.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Hotwells is the location of the property. Is there any advice you can give?
Flying freeholds in Hotwells are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hotwells you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hotwells may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.