My wife and I are buying a 3 bedroom flat in Freshwater Bay with a mortgage. We would like to retain our Freshwater Bay lawyer, but the mortgage company says she’s not on their "panel". It seems we have little option but to appoint one of the bank panel conveyancing practices or keep our Freshwater Bay conveyancer and pay for one of their panel firms to represent them. We consider that this is inequitable; is there anything we can do?
No, not really. Your mortgage offer 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. A further alternative is for your Freshwater Bay conveyancing solicitor to apply to be on the conveyancing panel.
We're in Freshwater Bay, First timers buying with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
This question may be naive but I am wet behind the ears as a 1st time buyer of a ground floor flat in Freshwater Bay. Do I collect the keys to the premises on the completion date from my conveyancer? If this is the case, I will instruct a local conveyancing solicitor in Freshwater Bay?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the seller's lawyers, and once they have received this, you will be called to receive the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
Is it the case that all Freshwater Bay CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing list of approved firms?
A selection of lenders now use CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Freshwater Bay building society branch on various occasions and was reassured it wasn't a problem and they will lend. My Freshwater Bay conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend based on their specific requirements. Who do I believe?
Provided that the property lawyer is on the mortgage company panel, she or he must follow the Council of Mortgage Lenders’ Handbook specifications for the 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 remaining.
How does conveyancing in Freshwater Bay differ for new build properties?
Most buyers of new build residence in Freshwater Bay come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Freshwater Bay tend to buy the land, 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 used to new build conveyancing in Freshwater Bay or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a simple, chain free conveyancing. Freshwater Bay is the location of the property. Can you offer any guidance?
Flying freeholds in Freshwater Bay are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Freshwater Bay you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Freshwater Bay 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.
We are 14 days into a residential purchase having been recommend to a firm by the high street agent to do our conveyancing in Freshwater Bay. I am am extremely disappointed with the quality of service. Could you help me find new lawyers?
A conveyancer would need to be really poor to suggest replacing them. Has the mortgage offer been issued? In the event that it has you must inform them of the new contact details and ensure the mortgage documents are re-issued. Your new conveyancer needs to be on the lenders panel to avoid added expenses and frustration. That should be your starting point. Our find a solicitor tool will assist you in finding a bank approved solicitor for your home move in Freshwater Bay