We are hoping to buy a 2 bedroom flat in Baschurch with a mortgage. We like our Baschurch solicitor, however the lender says he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Baschurch conveyancer as well as pay for one of their panel firms to act for them. This seems 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 Baschurch conveyancing solicitor to apply to be on the conveyancing panel.
My solicitor has identified a defect with the lease for the apartment we are buying in Baschurch. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions have to be complied with.
How does conveyancing in Baschurch differ for new build properties?
Most buyers of new build or newly converted property in Baschurch approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Baschurch tend to purchase the land, 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 Baschurch or who has acted in the same development.
I have been on the look out for a flat up to £305k and found one round the corner in Baschurch I like with amenity areas and station nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Baschurch suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will be a potential deal breaker. Discount the price by the amount the 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 could request that they commence the lease extension formalities and then assign 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 concerning this matter.
How do I use your search app to choose a conveyancing lawyer in Baschurch on the panel for my bank?
1st select a mortgage company such as Birmingham Midshires, Chelsea Building Society or Britannia then choose your preferred area for instance Baschurch. Conveyancing firms in Baschurch and across England and Wales will then be identified.
I need to retain a conveyancing solicitor for purchase conveyancing in Baschurch. I've land on a web site which appears to be the ideal offering If there is a chance to get all this stuff done via web that would be preferable. Do I need to be concerned? 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?