We are buying a 1 bedroom apartment in Bishopston with a mortgage. We have a Bishopston solicitor, however the bank advise he's not on their "panel". It appears that we have no option but to instruct one of the lender panel conveyancing practices or keep our Bishopston conveyancing practitioner as well as pay for one of their panel lawyers to represent them. We regard this is unjust; are we not able to demand that the mortgage company use our Bishopston lawyer ?
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 Bishopston conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are refinancing our flat in Bishopston with Virgin Money. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Virgin Money conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Virgin Money conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Virgin Money. This is solely used to protect Virgin Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Virgin Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I got the keys to my home on 1 August and the transaction details is not yet registered. Should I be concerned? My conveyancing solicitor in Bishopston said it should be formalised in a couple of weeks. Are titles in Bishopston particularly slow to register?
There is nothing unique when it comes to conveyancing in Bishopston registration formalities. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether it is in order and whether the Land registry communicate with any 3rd persons or bodies. Currently approximately three quarters of submission are fully dealt with within two weeks but occasionally there can be longer delays. Historically registration occurs after the buyer is living at the premises thus 'speed' is not usually primary concern but if there is a degree of urgency associated with the registration then you or your conveyancer must contact the land registry and explain the circumstances.
I am buying a new build house in Bishopston with a mortgage from Skipton Building Society. The builders refused to reduce the price so I negotiated £7000 of extras instead. The sale representative suggested that I not disclose to my lawyer about this deal as it may impact my loan with the lender. 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.
My partner has recommend that I use his conveyancers in Bishopston. Should I find my own conveyancer?
Much as we are happy to recommend a Bishopston conveyancing lawyer the ideal way to select a conveyancing practitioner is to get feedback from friends or relatives who have actually used the conveyancer that you are considering.
Having had my offer accepted I require leasehold conveyancing in Bishopston. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Bishopston - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Bishopston - A selection of Questions you should ask Prior to buying
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How long is the Lease? The majority of Bishopston leasehold properties will incur a service bill for the upkeep of the building levied by the freeholder. If you buy the flat you will have to pay this amount, usually quarterly accross the year. This could be anything from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a ground rent for you to pay annual, ordinarily this is not a significant figure, say approximately £25-£75 but you should to check it because occasionally it can be surprisingly expensive.