My fiance and I are looking to buy a property in Boreham and have instructed a Boreham conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Virgin Money have this morning contacted us to advise us that they have now hit a problem as our Boreham conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is conventional for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Boreham solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My Boreham conveyancer has identified a discrepancy between the assumptions in the home valuation survey and what is in the legal papers for the property. My solicitor says that he is duty bound to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am buying a 3 bedroom semi in Boreham. We would like to carry out a loft conversion at the property.Will legal conveyancing on the property include checks to determine if these works were previously refused?
Your solicitor should review the registered title as conveyancing in Boreham can on occasion reveal restrictions in the title deeds which prevent categories of works or require the permission of another owner. Certain additions call for local authority planning permissions and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be wise to check these things with a surveyor before you commit yourself to a purchase.
My fiancee and I are in the process of looking at flats in Boreham and I am about to put in an offer. Should I already have a property lawyer appointed at this point? I intend to finance via a mortgage with RBS.
It would be advisable to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. Given that you are taking out a mortgage with RBS, ask your prospective lawyers if they are on the RBS conveyancing panel otherwise they can't do the mortgage legal work.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Boreham building society branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Boreham conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their published requirements. Who do I believe?
The conveyancer must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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.
We are selling our home in Boreham and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any high street Boreham conveyancer would know this is not the case. It does beg the question why the buyers instructed an internet conveyancing outfit rather than a conveyancing solicitor in Boreham. Having lived in Boreham for three years we know of no issue. Should we contact our local Authority to get confirmation need.
It sounds as though you may have a conveyancing solicitor already. What do they say? You should check with 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 life insurance to cover that same illness)
I opted to have a survey carried out on a house in Boreham ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies may refuse to grant a mortgage on this type of premises.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Boreham. Conveyancing will be smoother if you use a solicitor in Boreham especially if they are acquainted with such properties in Boreham.
What is the best way of identifying a auction conveyancing in Boreham?
First ask the people you trust who they would recommend. Option 2 is to look on the internet for conveyancing in Boreham. Phone a couple or more firms from the list and ask them to send you their conveyancing estimate and discuss your needs with the solicitor who will conduct your conveyancing before you commit. Option 3 is to make use of this site to help you find the right solicitors for you based on your unique factors including location,speed, complexity and who the proposed lender is.Resist the temptation to appoint £99 conveyancing solicitors in Boreham