We are buying a 2 bedroom apartment in Botany Bay with a mortgage. We would like to retain our Botany Bay lawyer, but the bank advise she’s not on their "panel". It appears that we have no option but to use one of the lender panel firms or retain our Botany Bay lawyer and pay for one of their panel firms to represent them. We consider that this is inequitable; can we not insist that the bank use our Botany Bay solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Botany Bay conveyancing lawyer to apply to be on the conveyancing panel.
My husband and I changing mortgage lender for our maisonette in Botany Bay with Coventry BS. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two questions (1) Is this form unique to the Coventry BS conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
What is the first thing I need to know concerning purchase conveyancing in Botany Bay?
Not many law firms or advisers will tell you this but conveyancing in Botany Bay or throughout England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for conflict between you and other parties involved in the ownership transfer. E.g., the seller, selling agent and even potentially the mortgage company. Appointing a law firm for your conveyancing in Botany Bay an important selection as your conveyancer is your adviser, and is the ONE party in the process whose interest is to act in your legal interests and to protect you.
Sometimes a third party with a vested interest will attempt to convince you that you should follow their advice. For example, the selling agent may claim to be helping by claiming that your lawyer is wrong. Or your mortgage broker may try to convince you to do take action that is against your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I am in the process of remortgaging my property in Botany Bay, does my lawyer need to be on the TSB Solicitor panel?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
It has been four months since my purchase conveyancing in Botany Bay completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Botany Bay. Conveyancing is daunting 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 legal work.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Botany Bay
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? 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. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.