I plan on acquiring a flat in Tower Hill. My Solicitor has never been on on the lender approved panel. Can I still retain my Tower Hill conveyancing solicitor notwithstanding that they are not on the lender panel?
One must appoint a solicitor to complete the legal work required if you require a mortgage to purchase your property. The conveyancing practitioner will carry out all the relevant due diligence on the property, make sure that you will be registered as proprietor and ensure that all the necessary mortgage documentation is in order. One can select a Tower Hill solicitor of your choice. However, if the lawyer appointed is not on the mortgage company conveyancing panel additional costs will arise as separate legal representation will be need by the bank. Conveyancing panel applications can be submitted, so where your solicitor has not in the past sought membership they can do so.
Our lawyer has discovered a a problem with the lease for the flat we are buying in Tower Hill. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
My brother-in-law has suggested I instruct a conveyancing solicitor in Tower Hill. I I would like to check if they are on the Bank of Scotland conveyancing panel. Could you assist?
You should phone your solicitor and ask them if they can act for the lender. Alternatively please call Bank of Scotland who may be able to assist.
How does conveyancing in Tower Hill differ for new build properties?
Most buyers of new build or newly converted property in Tower Hill approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Tower Hill tend to purchase the real estate, 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 conveyancers 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 Tower Hill or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Tower Hill I like with open areas and transport links in the vicinity, however it's only got 52 years on the lease. There is not much else in Tower Hill for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage that many years may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
My partner and I are acquiring a studio flat in Tower Hill. At the point of instructing our solicitor, they told us that they were on all major UK mortgage company panels. Our financial adviser contacted us today to advise that they are not on the Coventry BS approved list. Were it to be true, what should we do? Should we simply choose a new lawyer that is on their panel or do we pay for separate representation, with Coventry BS appointing their own preferred solicitor.
When purchasing a property with mortgage finance it is conventional for the purchaser’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to fulfill. Some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should contact Coventry BS to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Coventry BS's conveyancing panel as you are at liberty to use your preferred Tower Hill lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.