My husband and I are planning to purchase a 1 bedroom flat in Fowey with a mortgage. We wish to retain our Fowey solicitor, but the mortgage company says she’s not on their "panel". It appears that we have little option but to use one of the bank panel firms or retain our Fowey conveyancing practitioner and pay for one of their panel lawyers to act for them. This seems 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 lender’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 Fowey conveyancing solicitor to apply to be on the conveyancing panel.
Can the conveyancing practitioners revealed via your ’find a lawyer’ app conduct right to buy conveyancing in Fowey?
We work with a number of conveyancing firms who can service right to buy transactions Please call us with a view to obtain a costs calculation.
What is the first thing I need to know about purchase conveyancing in Fowey?
You may not hear this from too many lawyers but conveyancing in Fowey and elsewhere in England and Wales is an adversarial process. Put another way, when it comes to conveyancing there exists lots of opportunity for friction between you and other parties involved in the legal transfer of property. For example, the vendor, selling agent and on occasion your bank. Appointing a solicitor for your conveyancing in Fowey an important selection as your conveyancer is your adviser, and is the SOLE person in the transaction whose role it is to look after your best interests and to protect you.
On occasion a potential adversary may attempt to persuade you that it is in your interests to do things their way. As an example, the selling agent may claim to be assisting by suggesting your conveyancer is wrong. Or your mortgage broker may try to convince you to do something that is against your conveyancers advice. You should always trust your lawyer above all other parties in the home moving process.
My aunt passed away last year and as sole heir and executor I was left the property in Fowey. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this allowed?
Given you intend to refinance then Lloyds will insist on your using a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
Various web forums that I have come across warn that are the primary reason for hinderance in Fowey house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Fowey.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Fowey I like with open areas and railway links nearby, the downside is that it only has 49 years on the lease. There is not much else in Fowey in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage that many years will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.