We are purchasing a 2 bedroom flat in Becontree with a mortgage. We wish to retain our Becontree solicitor, but the mortgage company says he's not on their "panel". It appears that we have little choice but to use one of the mortgage company panel solicitors or retain our Becontree conveyancer and pay for one of their panel lawyers to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you 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. Another option that might be available is for your Becontree conveyancing lawyer to apply to be on the conveyancing panel.
I am hoping to complete my purchase in Becontree next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the bank expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Becontree.
The Becontree conveyancing firm that I recently instructed on my house acquisition in Becontree have without warning shut down. I chose them because I had to have a lawyer on the Aldermore conveyancing panel and my preferred Becontree lawyer was not. I issued them a cheque for £250 in advance. What do I do now?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Aldermore conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
I just bought a property at auction in Becontree. Conveyancing is needed. What is next?
Having legally committed yourself to purchase you will need to retain a conveyancing solicitor as a matter of priority as you will have a tight a drop dead date to complete the conveyancing. Every auction property should have a corresponding legal set of papers. This should include evidence of title and search results. If you have purchased leasehold premises the legal papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You need to hand this to your appointed conveyancing solicitor ASAP. You also need to ensure that you have funds in place to complete on the on the contractual date .
I have a mortgage with RBS for my property in Becontree. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
You must advise RBS in advance of renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel firm.
Coventry BS have agreed my mortgage in principle, my offer on a apartment in Becontree has been accepted, what are the next steps?
The property agent will want to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Telephone Coventry BS or your broker and complete any outstanding documentation. Coventry BS will appoint a valuer who will get in contact with the estate agent or vendor to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Coventry BS will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Becontree.
I decided to have a survey carried out on a house in Becontree in advance of instructing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies may refuse to issue a loan on this type of house.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Becontree. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Becontree to see if the conveyancing will be more expensive.
In surfing the world wide web for the phrase conveyancing in Becontree it reveals numerous conveyancersin the area. How do I determine which is the suitable property lawyer for me?
The ideal way of choosing a suitable conveyancer is through a trusted testimonial, so enquire of colleagues and relatives who have acquired a property in Becontree or a respected estate agent or financial adviser. Charges for conveyancing in Becontree vary, so it's advisable to obtain a minimum of three fee calculations from different law firms. Make sure that you know that the charges are assured not to increase.