My husband and I are buying a 2 bedroom flat in Motspur Park with a mortgage. We would like to retain our Motspur Park conveyancer, but the lender says he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or keep our Motspur Park conveyancer as well as pay for one of their panel firms to represent them. We regard this is inequitable; can we not require that the lender use our Motspur Park property lawyer ?
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. Another option that might be available is for your Motspur Park conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are purchasing a newly constructed flat in Motspur Park and my solicitor is informing me that she has to the lender to reveal incentives from the seller. The Estate Agents are hassling me to exchange and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
four months have elapsed following my purchase conveyancing in Motspur Park completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the input of my in-laws I had a survey completed on a property in Motspur Park prior to retaining solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will refuse to grant a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. If you call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Motspur Park. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm refinancing my primary home to a BTL mortgage with TSB and I will use the rest of the raised equity as a deposit on another property. The location we are looking at is Motspur Park. Will your lawyers be able to act for both sets of lenders and tie in the conveyances?
Make use of our search tool on this page to be sure that the conveyancers are approved by both banks. Assuming that they are your lawyer should be able to connect the two deals but you should talk with you solicitor and make apparent your desired outcome and needs.
Is there a difference between surveying and conveyancing in Motspur Park?
Conveyancing - in Motspur Park or anywhere in England and Wales - is the process of legally transferring legal title of property from one person to another. It involves the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re intending to buy and will help you find out about the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the vendor to remedy the defects prior to you move in.