My wife and I are intending to buy a 3 bedroom apartment in Sandbanks with a mortgage. We have a Sandbanks lawyer, but the lender advise he's not on their "panel". We have to appoint one of the bank panel firms or continue with our Sandbanks conveyancing practitioner and pay for one of their panel firms to represent them. We regard this is unjust; is there anything we can do?
No, not really. 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 Sandbanks conveyancing solicitor to apply to be on the conveyancing panel.
I am under pressure from the owner of a property in Sandbanks to sign contracts within four weeks. What can I do to speed up matters?
In the event that you are under a tight deadline for your conveyancing it is advisable to make sure that your solicitor is familiar with the location as they will benefit local relationships and knowledge. It is possible that they would have conducted otherhouses in the same road. You would be best advised to use a Sandbanks conveyancing solicitor. Second, ensure that the lawyer is on the member panel. It is claimed that just under twenty per cent of Sandbanks conveyancing deals are frustrated or derailed after finding out that a purchaser’s solicitor was not on their banks panel. In many cases this discovery resulted in the transaction being frustrated by as much as three weeks. It is believed that this issue impacts in the region of 100,000 home sales annually. Almost all Sandbanks conveyancing firms can not act for certain mortgage companies so do check as early as possible.
We're in Sandbanks, First time buyers buying with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
3 months have elapsed following my purchase conveyancing in Sandbanks took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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.
How does conveyancing in Sandbanks differ for newly converted properties?
Most buyers of new build premises in Sandbanks approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Sandbanks usually purchase 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 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 Sandbanks or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Sandbanks is where the house is located. Is there any guidance you can give?
Flying freeholds in Sandbanks are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sandbanks you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sandbanks 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.