Me and my partner are purchasing a 2 bedroom flat in Comberton with a mortgage. We have a Comberton lawyer, but the mortgage company advise she’s not on their "panel". It appears that we have little option but to appoint one of the lender panel solicitors or continue with our Comberton solicitor as well as pay for one of their panel ones to represent them. We regard this is unjust; 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. A further alternative is for your Comberton conveyancing solicitor to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Comberton? Why is this being asked of me?
Comberton conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under money laundering regulations to verify the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Confirmation of the origin of funds is also required under the money laundering laws as lawyers are obliged to ensure that the funds you are utilising to buy a property (whether it be the deposit for exchange or the full purchase price where you are a cash purchaser) has come from a reputable source (such as employment savings) rather than the product of illegitimate behaviour.
My conveyancer has informed me that lack of building regulations insurance is required on my purchase. What is the level of cover for Comberton conveyancing?
The appropriate level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and Virgin Money. Conveyancing practitioners as opposed to borrowers take out such insurances.
Is there a list of Nottingham panel solicitors in Comberton on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings visible over the internet. Where you are seeking to appoint a Comberton solicitor on the Nottingham please make the most of our facility.
After much negotiation I have agreed a price on an apartment in Comberton. My mortgage broker recommended their conveyancers. I paid an advanced payment of £200. Soon after, the conveyancing practitioner contacted me sheepishly admitting that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am buying a new build apartment in Comberton. 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 should expect your new-build leasehold conveyancing in Comberton
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Comberton I like with a park and station nearby, the downside is that it's only got 49 years on the lease. There is not much else in Comberton in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Developers have put forward a lawyer and I've sought a quote from them. They are nearly £300 less expensive than my own Comberton solicitor. Should I use them?
Housebuilders frequently have panels of property lawyers who expedite matters and who know the developer’s documentation and conveyancing practitioner. As many developers offer an inducement to choose their approved solicitor for this reason, any increased cost can be avoided and a builder will not suggest a conveyancing factory and run the risk of having the transaction stall when they demand an exchange within a tight time frame. The argument for not opting for the suggested conveyancer is that they may be hesitant to fight for your interests at the risk of upsetting the sellers. If you worry that this may be the situation you should stick with your high street Comberton solicitor.