We are buying a 3 bedroom flat in Bow Street with a mortgage. We like our Bow Street solicitor, however the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel solicitors or retain our Bow Street conveyancing practitioner as well as pay for one of their panel firms to represent them. We regard this is unjust; are we not able to insist that the mortgage company use our Bow Street conveyancing practitioner ?
Unfortunately,no. Your mortgage offer 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. Another option that might be available is for your Bow Street conveyancing solicitor to apply to be on the conveyancing panel.
Will commercial conveyancing searches reveal proposed roadworks that could impact a commercial site in Bow Street?
Its becoming the norm that commercial conveyancing solicitors in Bow Street will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Bow Street. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Bow Street.
For each commercial conveyancing transaction in Bow Street it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Bow Street commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Bow Street.
I decided to have a survey carried out on a property in Bow Street ahead of appointing lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some banks will refuse to give a loan on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. If you contact us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bow Street. Conveyancing will be smoother if you use a solicitor in Bow Street especially if they are accustomed to such properties in Bow Street.
I was advised by two or three local property agents in Bow Street to locate a property lawyer on your site. What’s the financial inducement for Estate Agents to recommend your services ahead of a competitor’s?
We don’t offer any commission for sending work in our direction. We found it would be just too difficult to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
In sourcing the internet for the words cheap conveyancing in Bow Street it shows results of numerous conveyancersin the area. With so much choice what is the best way to find the right property lawyer for me?
The ideal method of finding a suitable conveyancer is through a trusted recommendation, so enquire of friends and relatives who have bought a property in Bow Street or a local estate agent or mortgage broker. Charges for conveyancing in Bow Street vary, so it's a good idea to obtain at least three estimates from different companies. Be sure to obtain confirmation that the charges are assured not to rise.
I have just started marketing my basement flat in Bow Street. Conveyancing lawyers have not yet been instructed, however I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal given that all rents and service charges will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Bow Street - Examples of Queries Prior to buying
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How many years are left on the lease? Is the freehold reversion owned jointly by the tenants? Who manages the building?