We are purchasing a 2 bedroom apartment in Penge with a mortgage. We wish to retain our Penge lawyer, but the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel solicitors or keep our Penge solicitor as well as pay for one of their panel lawyers to act for them. This feels very unfair; are we not able to demand that the lender use our Penge conveyancer ?
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. A further alternative is for your Penge conveyancing solicitor to apply to be on the conveyancing panel.
My lawyer in Penge is not on the Bank of Ireland Conveyancing Panel. Can I still retain my family solicitor notwithstanding that they are excluded from the Bank of Ireland list of approved lawyers?
Your options are as follows:
- Complete the purchase with your preferred Penge solicitors but Bank of Ireland will need to retain a conveyancer on their panel. This will result in additional total conveyancing charges and cause delays.
- Find an alternative lawyer to to deal with the conveyancing, remembering to check they are Bank of Ireland approved.
- Persuade your Bank of Ireland solicitor to attempt to join the Bank of Ireland panel
How does conveyancing in Penge differ for new build properties?
Most buyers of new build premises in Penge contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Penge tend to acquire the real estate, 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 conveyancing solicitors 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 Penge or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and found one round the corner in Penge I like with amenity areas and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Penge for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan that many years will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
How do I use the search facility to locate a conveyancing solicitor in Penge on the panel for my bank?
1st pick a lender such as Halifax, Coventry Building Society or Godiva Mortgages Ltd then specify your preferred area for instance Penge. Conveyancing organisations in Penge and across England and Wales will then be listed.
We are hoping to acquire a repossessed flat in Penge and the vendor would like to complete inside a week. Can a conveyancing practitioner complete in this timeframe? Am I best advised to instruct a high street Penge firm or an online firm that advertises to complete quickly?
Attend your Penge high street. Pop in to a couple of firms and request to talk to a conveyancing solicitor for an estimate. Set out your requirements and seek assurances on time frames. Appoint the firm that seems most trustworthy. Be sure to select a conveyancing practitioner on the list of conveyancing practitioners who can act for your lender.