I am six weeks into the sale of my ground floor flat in Reading and the EA has just called to say that the buyers are switching conveyancer. The reason given is that the bank will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Reading ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The buyers are not going to have any impact on this.
My lawyer in Reading is not listed on the HSBC Bank Approved Panel. Is it possible for me to retain my family solicitor notwithstanding that they are excluded from the HSBC Bank approved list?
The limited options open to you here include:
- Carry on with your existing Reading lawyers but HSBC Bank will need to instruct a conveyancer on their list of acceptable firms. This will result in additional overall conveyancing charges as well as result in delays.
- Find a new solicitor to act in the purchase, obviously checking they are on the HSBC Bank panel
Are all Reading Conveyancing Quality Solicitors on the Yorkshire BS conveyancing list of approved solicitors?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
I am currently in the process of buying my council flat in Reading. I have a mortgage agreed with Santander. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
I recently had an offer agreed on a house in Reading. My financial adviser recommended their conveyancers. I paid an on account payment of £175. Shortly after, the conveyancer called me sheepishly admitting that they were not on the TSB 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 TSB 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.
I need some quick conveyancing in Reading as I am under pressure to sign on the dotted line inside 2 weeks. Luckily I do not require a mortgage. Is it possible to avoid the conveyancing searches to save fees and time?
As you are not obtaining a mortgage you are at free not to have searches carried out although no lawyer would advise that you don't. Drawing on years of experience of conveyancing in Reading the following are examples of issues that can show up and therefore affect future mortgageability: Refused Planning Applications, Overdue Fees, Outstanding Grants, Railway Schemes,...
Is it possible to switch firm as I have to select a firm on the Bank of Ireland conveyancing panel. I had appointed a family conveyancing solicitor in Reading round the corner but she is not approved by Bank of Ireland
We will our best to assist in finding you a conveyancing solicitor in Reading on the Bank of Ireland panel. Please note that the conveyancers that we on the directory do not pay us a referral fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Reading. In making use of the find a conveyancing solicitor tool on this page, you can scrutinise costs for conveyancing solicitors in Reading and throughout England and Wales.