My husband and I are planning to buy a property in Maryport and are in fact using a Maryport conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this evening contacted us to advise us that there is now an issue as our Maryport lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your property lawyer should contact your lender 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Maryport lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My partner and I intend to remortgage our maisonette in Maryport with TSB. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the TSB conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your TSB conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to TSB. This is solely used to protect TSB if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of TSB had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
A colleague suggested that if I am buying in Maryport I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Maryport conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Maryport around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Maryport Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about Maryport.
I have been on the look out for a flat up to £195,000 and found one round the corner in Maryport I like with a park and station nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Maryport in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the shortness of the lease will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
What is different about your site and other online quote calculators for conveyancing in Maryport?
At this site receive an accurate quote via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Maryport. Unlike many estate agents and many comparison sites we do not operate referral deals with solicitors. A large number of agents and online brokers 'recommend' the firm who pay the highest commission, not the best value conveyancing in Maryport
I have instructed a Maryport conveyancing solicitor for our home move (novice purchasers) and have picked up in the terms and conditions that they are not overseen by the FCA. Need I be worried or is that the norm with conveyancer?
We can't see why they should be. Most conveyancer don't lend money. They will be governed by the SRA, who set stringent conditions in place on funds deposited in their bank.