My wife and I are purchasing a 3 bedroom flat in Upney with a mortgage. We have a Upney conveyancer, however the mortgage company says he's not on their "panel". It seems we have no choice but to select one of the bank panel conveyancing practices or keep our Upney property lawyer as well as pay for one of their panel ones to act for them. We regard this is inequitable; 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. A further alternative is for your Upney conveyancing solicitor to apply to be on the conveyancing panel.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Upney so that I can attend their offices when needed.
Whereas this was necessary ten years ago, almost all mortgage companies no longer need their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to supply ID documents and there are still distinct benefits to using a local practitioner, in your case a conveyancing solicitor in Upney.
Me and my brother have a terraced Victorian property in Upney. Conveyancing solicitor acted for me and Alliance & Leicester . I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Upney and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing practitioner who conducted the work.
The estate agent has sent us the confirmation of our purchase of a new build flat in Upney. Conveyancing is necessary evil 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 conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Upney
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There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Upney is the location of the property. What do you suggest?
Flying freeholds in Upney are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Upney you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Upney may decide 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 property.
I was recommended by a few property agents in Upney to find a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to market your lawyers over and above alternative conveyancing organisations?
We don’t make any referral fee for sending work in our direction. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.