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Ready to buy a new home? Failing to check that a lawyer is on the Better list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Better HomeOwnership (Mortgages) Conveyancing Panel? How can my firm be reinstated onto the Better HomeOwnership (Mortgages) Conveyancing Panel?Find an Approved Solicitor on the Better HomeOwnership (Mortgages) Conveyancing Panel
Better HomeOwnership Conveyancing Panel : Questions and Answers
I am in the process of selling my apartment and the EA has just texted me to say that the purchasers are appointing a new law firm. The excuse is that Better HomeOwnership will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only engage with certain solicitors?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few 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 decades.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be 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 says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. 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 buyer’s case. Your purchasers are unlikely to have any sway in the decision.
can you help? My solicitor is informing me me that he is legally obliged to conduct a Local Authority search as the firm are on the Better HomeOwnership approved lawyer panel. The searches cost a lot of money. Can this be avoided?
You have limited options available to you. Given that you are taking out a loan with Better HomeOwnership your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Better HomeOwnership’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Better HomeOwnership. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do I need to visit the offices of the Better HomeOwnership conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Newcastle
so that I can attend their offices if necessary.
Most conveyancing panel lawyers for Better HomeOwnership undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Better HomeOwnership conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Better HomeOwnership conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Better HomeOwnership conveyancing panel requirements are different to Better HomeOwnership’s conveyancing panel criteria.
I was told two weeks ago that my mortgage has been agreed
to by Better HomeOwnership. Is it usual for Better HomeOwnership to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Better HomeOwnership to deal with your lawyers application to be on the Better HomeOwnership conveyancing panel. There's no guarantee that your solicitors will be accepted.
My brother and I are purchasing a penthouse in Hendon. Conveyancing solicitors in Hendon will soon beinstructed. My motheradvised that we enquire that the property lawyer in Hendon is on the Better HomeOwnership list of approved conveyancing firms. Aren't all lawyers on the Better HomeOwnership panel?
Not all Hendon conveyancing solicitors are on the Better HomeOwnership conveyancing panel. Use the above search tool to search for a Hendon conveyancing lawyer on the on the Better HomeOwnership solicitors pane.
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