My wife and I are buying a 2 bedroom apartment in Totland with a mortgage. We would like to retain our Totland lawyer, but the bank advise she’s not on their "panel". We have to appoint one of the lender panel firms or retain our Totland lawyer and pay for one of their panel ones to represent them. We feel that this is inequitable; can we not require that the mortgage company use our Totland 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. A further alternative is for your Totland conveyancing solicitor to apply to be on the conveyancing panel.
When can the exchange of contracts occur in sale conveyancing in Totland and do I need to attend the conveyancers office?
If you are in close proximity to one of the conveyancing solicitors in Totland you are invited in to sign the paperwork. However, the lender approved solicitors we recommend supply a national conveyancing service and provide as equally detailed and professional a job for you when dealing with you electronically. The signing of the property agreement is not the point of no return. Signing on the dotted line is necessary for the conveyancer to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Totland)to be in the office available at the end of the phone to exchange contracts.
I'm purchasing a new build house in Totland with a mortgage from Coventry Building Society. The sellers would not budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not disclose to my conveyancer about this extras as it would adversely affect my loan with Coventry Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How simple is it to change conveyancer as I have to choose a firm on the The Mortgage Works conveyancing list. I had appointed a high street conveyancing solicitor in Totland round the corner but she is not approved by The Mortgage Works
We will our best to assist in finding you a conveyancing solicitor in Totland on the The Mortgage Works panel. Please note that the property lawyers that we work with do not pay us a referral fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Totland. In making use of search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Totland.
Do you have any advice for leasehold conveyancing in Totland with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Totland can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers’ representatives. If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Totland leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such changes. If you fail to have the paperwork in place do not contact the landlord without checking with your solicitor before hand. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than ongoing.
Leasehold Conveyancing in Totland - Examples of Questions you should ask Prior to buying
Who is in charge of the building? How much is the service charge and ground rent on the apartment? Be sure to find out if the the lease includes any adverse restrictions in the lease. For example it is fairly common in Totland leases that pets are not permitted in certain buildings in Totland. If you like the propertyin Totland but your dog can’t live with you then you have a very hard determination.
My partner is purchasing a studio flat in Totland. He was given a quote by the lawyer connected to the selling agents totaling £1245 . It was eight years ago I sold and purchased a house and the fee was £just under five hundred pounds. Have fees really escalated to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Totland searches, land registry fees, etc)