Me and my fiance are hoping to buy a 3 bedroom flat in Duston with a mortgage. We would like to retain our Duston conveyancer, but the lender advise she’s not on their "panel". We have to appoint one of the lender panel conveyancing practices or keep our Duston solicitor as well as pay for one of their panel ones to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you 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 Duston conveyancing solicitor to apply to be on the conveyancing panel.
We note that you have a post code search directory listing firms on the Coventry BS conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Duston?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Duston.
Various internet forums that I have frequented warn that are the main reason for delay in Duston conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Duston.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Duston is where the house is located. Can you shed any light on this issue?
Flying freeholds in Duston are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Duston you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Duston may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am looking into buying my first house which is in Duston and I am already nervous. I couldn't find anything specific about Duston. Conveyancing will be needed in due course but do you know about the Duston area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Duston. In the meantime here are some basic statistics that we found
My conveyancers in Duston have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the lender. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.