I am purchasing an apartment in Banstead. My lawyer has never been on on the bank approved panel. Can I still use my Banstead conveyancing solicitor even though they are not on the lender list of approved lawyers?
One will need to have a conveyancer to deal with the legal work required if you need a mortgage to purchase your property. They will conduct all the essential legal checks on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage documentation is in order. One can instruct a Banstead conveyancing practitioner of your choice. Nevertheless, if the solicitor selected is not on the bank solicitor panel further charges will arise as separate legal representation will be need by the bank. Bank panel applications may be submitted, so if your solicitor has not in the past sought membership they should take the chance to apply.
My wife and I are getting closer to an exchange on a house in Banstead and my parents have sent the 10% deposit to my property lawyer. I am now told that as the deposit has not come from me my conveyancer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is legally required to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We're in Banstead, First time buyers buying with a mortgage (lender is TSB , and our lawyer is on the TSB conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the TSB conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Various internet forums that I have come across warn that are the primary reason for delay in Banstead house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Banstead.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Banstead is the location of the property. What do you suggest?
Flying freeholds in Banstead are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Banstead you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Banstead may ascertain 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.
Am I right to be suspicious by brokers that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a local Banstead conveyancing practice?
As is the case with lots of professional services, often input from family and friends can be most helpful. Yet there are lots of people with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks may suggest conveyancers to instruct. Sometimes the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes commercial relationship behind the recommendation. You are free to choose your preferred conveyancer. You need to be aware that some banks operate an approved list of law firms you must use for the lender aspect of your conveyancing.