My fiance and I are purchasing a ground floor flat in Shard End. My Conveyancer is not on the lender conveyancing panel. Can I still use my Shard End conveyancing solicitor even though they are excluded from the mortgage company panel of approved conveyancing solicitors?
One must appoint a property lawyer to complete the legal work required if you need a mortgage to buy your property. They will carry out all the appropriate due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. One could select a Shard End solicitor of your choosing. However, where the lawyer appointed is not a member of the bank approved list supplemental charges will be levied as separate legal representation will be required by them. Conveyancing panel applications can be submitted, so provided your conveyancer has not previously sought membership they should do so.
My husband and I swapping mortgage lender for our maisonette in Shard End with RBS. We have a son 19 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this form unique to the RBS conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong 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 RBS. This is solely used to protect RBS 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 RBS 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.
What happens if my lawyer’s firm is expelled from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in Shard End?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am being told by my lawyer that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Shard End?
The right level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Santander and Chelsea Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
When it comes to mortgage companies such as TSB, do Shard End lawyers incur a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
How can we tell if a Shard End conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Shard End obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor carrying out your conveyancing.
About to purchase a new build apartment in Shard End. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Shard End
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Due to the advice of my in-laws I had a survey completed on a house in Shard End before instructing conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some banks may refuse to issue a loan on this type of property.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shard End. Conveyancing may be slightly more expensive based on your lender's requirements.