I am nearing exchange of contracts for my ground floor flat in Swansea and the estate agent has just called to advise that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. Why would a big named mortgage company only work with certain law firms rather the firm that they want to select to handle their conveyancing in Swansea ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose 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. Your buyers are not going to have any impact on this.
The Swansea conveyancing solicitors that I recently instructed on my purchase in Swansea have without warning closed. I chose them because I had to have a firm on the conveyancing panel and my previous Swansea lawyer was not. I issued them a cheque for two hundred pounds in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the 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 should be in a position to assist.
I purchased a semi-detached Victorian house in Swansea. Conveyancing lawyer acted for me and . I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Swansea and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing lawyer who completed the work.
In my capacity as executor for the will of my uncle I am selling a property in Swansea but I am based in Swansea. My lawyer (based 260 kilometers awayneeds me to execute a stat dec ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Swansea who can witness this legal document for me?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are located in Swansea
My wife and I have recently appointed a conveyancing solicitor in Swansea. I I would like to check if they are listed on the bank's conveyancing panel. Could you help?
It’s a good idea contact the solicitor to enquire if they are on the lender's approved list. If that does not help get in touch with us and we can make some checks for you. If they are not on the conveyancing panel we we can help find a specialist conveyancing solicitor in Swansea on the panel for your mortgage company.