Changing solicitors last min?

shakAFC

Hi guys,

A friend who’s a first time buyer has asked me to ask this:

How easy would it be to change solicitors at the late stage? Exchange hasn’t taken place yet, they was both due to happen on the same day. In fact the date was set and but brought forward a day by my friends solicitors.

She has had communication issues with the solicitors but I told her to persevere as she was close. I think now she has had enough as she was due to exchange and complete today but the solicitors hasn’t even asked for her deposit..  only her  bank statements a few day ago. 

Another issue she told me to ask about was having a deposit over £85k in your account. As there’s no fscs protection?

Sandtree

Whos account? Your own account? In which case the FSCS protection is £85k per person per bank (so £170k for a joint account). In certain circumstances this is increased to £1m, such as for house deposites.

They are free to change solicitors but obviously will become liable for an extra set of fees; the new solicitor may want to repeat certain items and it will create a delay but may be preferable than dealing with someone you’re not happy with.

Alter_ego

A temporary deposit over 85k for house buying is covered by fscs,.  Communication with sols is always difficult, but they get on with it when it's appropriate. They don't want to spend their time holding your hand. Their time is (big) money.

[Deleted User]

If you change solicitors last minute with certain lenders they will ask for a letter from the old one and from the new one confirming the reason for change
A brokerage i used to work at had a policy of referring last minute change of solicitors cases to compliance for a review

A last minute change of solicitors looks to 3rd parties that you are trying to hide something.   Just tell your friend to persevere

greatcrested

Changing solicitors will be costly, involve duplication of work, and cause delay. May also lead to confusion with the seller, ther solicitors and/or your lender.

Avoid if at all possible especially if you are close to Exchange.

Re the £85K limit read:

https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

AskAsk

very difficult as you have to start the whole process again.  i would try to stick with the existing solicitors.

Tiglet2

If your friend changes solicitor now, it will be as though the whole process of conveyancing is starting again from the beginning.  I doubt your friend wants this, so maybe clarification of exactly what is outstanding would help.  The fact that a deposit hasn't been asked for yet would indicate that they are not quite ready.  When you say the date was set but brought forward a day, what do you mean?  Who set the date?  Was the date "set" or just a "desire".  Nothing is binding until exchange takes place.

AskAsk

starting with a new solicitor may also result in the seller pulling out as they may not be able to wait for the whole thing again and worry that you are messing them around.

macman

Since she'll still have to pay the first solicitor for all the work done up to exchange, and then pay the new one again, the phrase 'cutting off your nose to spite your face' does come to mind...

shakAFC

Thanks guys. I told her to contact her broker as he recommended them and I presume gives them a lot of work.  

She did just that and the solicitors got in touch straight away and she is completing tomorrow!

Thrugelmir

shakAFC said:

Thanks guys. I told her to contact her broker as he recommended them and I presume gives them a lot of work.  

She did just that and the solicitors got in touch straight away and she is completing tomorrow!

Thought that the deposit hadn't been paid over to the solicitors yet?