I am nearing exchange of contracts for my flat in Parkwood Springs and the estate agent has just telephoned to say that the purchasers are switching solicitor. The reason given is that the bank will only deal with solicitors on their approved list. Why would a leading lender only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Parkwood Springs ?

Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.

Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed 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 says it is being contacted daily by practices 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 not going to have any sway in the decision.

Can conveyancing in Parkwood Springs to be done in less than 3 weeks?

In the event that the seller is applying a tight deadline to complete it is advisable to make sure that your conveyancer is familiar with the location as they will benefit local relationships and insight. It is even conceivable that they would have conducted otherhomes in the same street. Therefore consider using a Parkwood Springs conveyancing firm. Second, make sure that the conveyancing firm is on the lender panel. It is claimed that nearly one in five of Parkwood Springs conveyancing deals are held up or derailed after finding out that a purchaser’s lawyer was not on their mortgage lender’s member panel. This can often result in the transaction being frustrated by an average of three weeks. It is believed that this issue affects approximately one hundred thousand home sales annually. Many Parkwood Springs conveyancing practices can not act for certain mortgage companies so do check at the outset.

Various web forums that I have frequented warn that are the primary reason for delay in Parkwood Springs conveyancing transactions. Is this right?

The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Parkwood Springs.

I'm buying my first flat in Parkwood Springs with the aid of help to buy. The developers refused to budge the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not disclose to my solicitor about the side-deal as it would affect my mortgage with the lender. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I am considering using an online property lawyer rather than a Parkwood Springs conveyancing firm. Should I ‘stay local’?

There are advantages of being able to attend a local Parkwood Springs conveyancing solicitor for example

• signing documents on short notice
• sometimes being able to see someone face-to-face can make a huge difference, particularly for more complex conveyancing
• the ability to raise concerns if things go pear-shaped

When checking quotes, look out for hidden extras. Most decent Parkwood Springs high street solicitors give an all-inclusive figure. Often online agents seem to offer cheap fees, but have burried 'extras' in the small print.