My wife and I are buying a 2 bedroom flat in Godmanchester with a mortgage. We wish to retain our Godmanchester lawyer, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel firms or retain our Godmanchester conveyancer as well as pay for one of their panel lawyers to act for them. This seems very unfair; can we not insist that the bank use our Godmanchester solicitor ?
No, not really. Your mortgage offer 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. Another option that might be available is for your Godmanchester conveyancing solicitor to apply to be on the conveyancing panel.
My son-in-law is buying a newly built flat in Godmanchester with a mortgage from Nottingham. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Should conveyancers request money up-front when it comes to conveyancing in Godmanchester?
Where you are retaining lawyers for conveyancing in Godmanchester your lawyer will request that you place them with funds to cover the search fees. Normally this is requested to cover the fees of the Local Authority Search. When the down payment is payable against the purchase price then this should be required immediately in advance of exchange of contracts. The final balance that is needed should be sent to your lawyer shortly before completion.
Can you clarify what the consequences are if my solicitor is suspended from the Skipton Conveyancing panel ahead of completing my conveyancing in Godmanchester?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
A relative advised me that where I am purchasing in Godmanchester I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Godmanchester conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Godmanchester around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Godmanchester Education with maps and statistics, Local Amenities and other useful data regarding Godmanchester.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Godmanchester is the location of the property. Can you shed any light on this issue?
Flying freeholds in Godmanchester are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Godmanchester 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 Godmanchester may determine 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 residence.