Me and my partner are purchasing a 2 bedroom flat in Southmead with a mortgage. We wish to retain our Southmead lawyer, however the lender says he's not on their "panel". We have to appoint one of the bank panel solicitors or keep our Southmead lawyer and pay for one of their panel ones to act for them. We regard this is unjust; is there anything we can do?
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 Southmead conveyancing lawyer to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Southmead? Is this really necessary?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identity of the potential client they are dealing with before they can accept their conveyancing instruction. The Client Care letter that you are required to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to hand over ID verification documents, your solicitor would not be able to act for you.
There are numerous conveyancing solicitors in Southmead but how do I know who I should use?
Do not opt for the lowest Southmead conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I had a mortgage agreed in principle with Coventry BS. Southmead conveyancing solicitors have been chosen. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
Some lenders take longer than others. Have Coventry BS conducted the valuation? Have you informed Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Santander have agreed my home loan in principle, my offer on a flat in Southmead has been agreed to, what are the next steps?
The estate agent will wish to know who your solicitors are (make sure the conveyancing practitioners are on the lender’s approved list). Contact Santander or the financial adviser and finalise any relevant forms. Santander will instruct a valuer who will get in touch with the selling agent or owners to book a slot for the valuation to take place. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. Santander will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Southmead.
Are there restrictive covenants that are commonly identified during conveyancing in Southmead?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Southmead. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the advice of my in-laws I had a survey completed on a property in Southmead in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies may refuse to give a loan on this type of premises.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Southmead. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I instruct a Southmead conveyancing solicitor in close proximity to the house I am hoping to buy? I have an old university friend who can deal with the conveyancing but her office is 300miles drive away.
The primary upside of using a local Southmead conveyancing firm is that you can drop in to sign documents, hand in your identification documents and apply pressure on them where appropriate. Having local Southmead know how is a plus. That being said it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were happy that must trump using an unknown Southmead conveyancing lawyer just because they are round the corner.