We are purchasing a 3 bedroom flat in Abridge with a mortgage. We wish to retain our Abridge lawyer, however the bank advise he's not on their "panel". It appears that we have little choice but to select one of the bank panel solicitors or continue with our Abridge conveyancer as well as pay for one of their panel ones to represent them. This feels very unfair; can we not require that the bank use our Abridge property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Abridge conveyancing solicitor to apply to be on the conveyancing panel.
The owners have rather pushy vendors who has suggested a lock out agreement with a down payment two thousand pounds. Is it wise to enter into such agreements?
Exclusivity contracts are contracts between a home owner and prospective buyer granting the buyer the sole right to purchase the premises for a set period of time. For all intents and purposes, a lock out agreement is a contract stating that you will have a contract at a later time which is the main conveyancing contract. It tends to be used for buyer protection though in some cases, the vendor may stand to benefit from such agreements as well. There are numerous pros and cons to having an agreement but you should to check with your solicitor but note that it may end up incurring more in conveyancing fees. In light of this these contracts are unusual in relation to conveyancing in Abridge.
We have agreed to purchase a house in Abridge. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Coventry BS be concerned?
Given that your lender is Coventry BS your lawyer must comply with the conveyancing requirements contained in Section 2 of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Coventry BS where a lease does not meet these provisions. The specifications relate to the installation of panels on properties in England and Wales and is not isolated to Abridge.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Abridge bank branch on numerous occasions and was informed it wasn't an issue and they will lend. My Abridge conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The conveyancer must follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Planning on purchasing a maisonette in Abridge. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Abridge conveyancer is on the RBS conveyancing panel.
How does conveyancing in Abridge differ for newly converted properties?
Most buyers of new build premises in Abridge approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Abridge tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Abridge or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Abridge is where the house is located. What do you suggest?
Flying freeholds in Abridge are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Abridge you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Abridge may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking to buy a repression property in Abridge and the vendor would like to complete within a week. Can a property lawyer complete in this timeframe? Would it be better to select a local Abridge firm or an online firm that professes to offer speedy conveyancing?
Visit your Abridge shopping parade. Go in to 3 solicitor’s offices and ask to talk to a conveyancing solicitor for an estimate. Discuss your situation and get assurances on deadlines. Select the firm that comes across as most trustworthy. You need to choose a conveyancing practitioner on the list of solicitors approved by your bank.