My wife and I are intending to purchase a 2 bedroom apartment in Totland with a mortgage. We would like to retain our Totland conveyancer, however the mortgage company advise she’s not on their "panel". It appears that we have little option but to appoint one of the bank panel firms or retain our Totland solicitor as well as pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. 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. Another option that might be available is for your Totland conveyancing solicitor to apply to be on the conveyancing panel.
I'm the only beneficiary of my late mum's estate with all property in now in my sole name, including the house in Totland. The Totland property was put into my name in February. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my proprietorship could be regarded the same way as though I had purchased the property in February. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How practical a view mortgage companies take of it, depend on the lender as this requirement chiefly exists to pick up on subsales or the flipping of property.
is it true that all Totland solicitor firms on the HSBC conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the HSBC approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. The majority of mortgage companies do permit licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
How can we tell if a Totland conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Totland seeking recommendations is a good start. 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 advertising the lowest fees. We would always recommend that you speak with the lawyer handling your conveyancing.
How does conveyancing in Totland differ for newly converted properties?
Most buyers of new build or newly converted property in Totland contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Totland usually buy the site, 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 property lawyers 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 accustomed to new build conveyancing in Totland 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 should have been a simple, no chain conveyancing. Totland is where the house is located. Can you offer any opinion?
Flying freeholds in Totland are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Totland you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Totland 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 premises.
What is different about your site and other online quote calculators for conveyancing in Totland?
At this site secure a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Totland. As opposed to estate agents and many comparison sites we do not charge firms a commission if you select them for your property ownership legalities in Totland
I need to retain a conveyancing solicitor for leasehold conveyancing in Totland. I've stumble upon a site which seems to have the perfect offering If there is a chance to get all formalities completed via phone that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?