My wife and I are intent on purchasing a leasehold flat in Binfield. My property lawyer is not listed on the bank solicitor panel. Can I still use my Binfield conveyancing solicitor notwithstanding that they are not on the mortgage company approved list?
You must instruct a conveyancing practitioner to deal with the legal work required if you need a mortgage to purchase your property. The conveyancer will carry out all the appropriate due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in order. You may instruct a Binfield conveyancer of your choosing. However, where the conveyancer appointed is not a member of the bank approved list further charges will be incurred as separate legal representation will be required by them. Lender panel applications can be submitted, so provided your conveyancer has not in the past applied for membership they can do so.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Binfield. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/3/2023, the requirements read as follows :
We are intent on selling our house in Binfield and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local lawyer would know that there is no such problem. It does beg the question why the purchasers instructed a factory type conveyancing firm as opposed to a conveyancing solicitor in Binfield. Having lived in Binfield for 4 years we know of no issue. Should we contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
How does conveyancing in Binfield differ for new build properties?
Most buyers of new build property in Binfield contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Binfield typically 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 conveyancers 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 Binfield or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Binfield before retaining conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies will refuse to grant a loan on this type of house.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Binfield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Binfield to see if the conveyancing costs will increase in light of this.
I'm converting the mortgage on my primary home to a buy to let mortgage with Lloyds TSB Bank and I will use the ballance of the raised equity towards further property. The area we are interested in is Binfield. Will your solicitors be able to act for the two lenders and tie in the transactions?
Do use our search tool on this page to ensure that the solicitors are approved by both lenders. Assuming that they are the solicitor will be able to tie up the two conveyancing matters but you should have a chat with you solicitor and make clear your desired outcome and needs.