Conveyancing panel confusion explained!
Buying a house is undoubtedly one of the most exciting things we do in our lives. Yet at the same time it is also one of the most stressful so the last thing we want is to make it any more difficult than it needs to be.
One way to minimise the disruption caused by buying a house is to choose an experienced property solicitor, or conveyancer as they are often called.
There is a lot of concern within the property industry about mortgage fraud at the moment. This is causing many mortgage lenders to cut their conveyancing panels. This means should a homebuyer use a property solicitor who is not on the lender’s select panel, they could end up paying two amounts of legal fees – their own and the lenders – and have their house purchase delayed whilst the lender instructs a preferred legal partner.
Conveyancing panel cuts are now considered the main threat within the conveyancing industry by almost one in three property solicitors, placing even more importance on solicitor selection.
One way to ensure you are using the highest calibre of property solicitors is to check if they are a member of The Law Society’s Conveyancing Quality Scheme (CQS). This scheme aims to create a trusted community to deter fraud by providing a recognised quality standard for residential conveyancing practices.
HSBC, for example, now only deals with CQS-accredited firms and other lenders are expected to follow.
As a leading national solicitor with over 25 years of conveyancing experience, Goldsmith Williams is a proud member of The Law Society’s Conveyancing Quality Scheme and remains a preferred legal partner of lenders.
Content correct at time of publication