My fiance and I are intent on buying an apartment in Maryland. My lawyer has never been on on the bank solicitor panel. Can I still appoint my Maryland conveyancing solicitor notwithstanding that they are not on the lender list of approved lawyers?
You will need to use a lawyer to complete the legal work required if you need a loan to purchase your property. The property lawyer will conduct all the appropriate legal checks on the property, ensuring that you’re properly registered as the owner and ensure that all the required mortgage documentation is dealt with. One can select a Maryland conveyancing practitioner of your choosing. However, where the conveyancing practitioner selected is not on the bank conveyancing panel additional costs will be levied as separate legal representation will be need by the mortgage company. Bank panel applications can be submitted, so if your solicitor has not historically sought membership they should take the opportunity to apply.
I had intended to instruct a conveyancing solicitor in Maryland for our home move. Our broker informed us that our mortgage lenders Virgin Money won't deal with them. Surely this is unfair competition?
Before the recession most banks had an appetite for risk which was higher than today. Almost all Maryland conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms about their operations and their employees as well as establishing certain criteria such a completing on a minimum volume of transactions. Many Maryland conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Maryland is one of the many locations where the conveyancers showing on our search results are on the panel for Virgin Money.
I am purchasing a property and the conveyancer has raised the issue of Chancel Repair to which the property may be liable given it’s proximity to the area of such a church. She has mentioned insurance. Is this really necessary for conveyancing in Maryland
Unless a prior purchase of the premises took place after 12 October 2013 you may assume that conveyancing practitioners conducting conveyancing in Maryland to remain recommending a chancel search and or insurance against a claim.
The deeds to our home can not be found. The conveyancers who dealt with the conveyancing in Maryland 10 years ago are no longer around. What do I do?
As long as you have a registered title the information relating to your proprietorship will be documented by HMLR with a Title Number. It is easy to carry out a search at the Land Registry, find your house and order current copies of the property title for a small fee. If the property is Leasehold then the Land Registry will also normally retain a file duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
How does conveyancing in Maryland differ for new build properties?
Most buyers of new build or newly converted property in Maryland come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Maryland typically 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 property lawyers 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 Maryland or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Maryland is where the house is located. What do you suggest?
Flying freeholds in Maryland are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Maryland 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 Maryland 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 property.