We are purchasing a 1 bedroom apartment in Emerson Park with a mortgage. We have a Emerson Park lawyer, however the lender advise she’s not on their "panel". We have to appoint one of the lender panel conveyancing practices or keep our Emerson Park conveyancing practitioner as well as pay for one of their panel firms to act for them. We consider that this is inequitable; can we not insist that the bank use our Emerson Park 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 Emerson Park conveyancing lawyer to apply to be on the conveyancing panel.
I am buying a house for cash in Emerson Park. I have been residing for the previous 20 years in Emerson Park. Conveyancing searches are exorbitant. Given that I have knowledge of the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then almost all of the Emerson Park conveyancing searches are optional. Your conveyancer will ’encourage you, no-doubt strongly, that you should have searches completed, but she is duty bound to take that path of encouragement . One thing to bear in mind; if you are intend to dispose of the house one day, it may be of importance to your future buyer what the searches reveal. On occasion houses with no practical issues can still throw up unfavourable search results. A competent conveyancing solicitor in Emerson Park should provide you some sensible guidance in this regard.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would prefer to use a high street conveyancing solicitor in Emerson Park?
You should check but the chances are that give you one of their panel conveyancers where you take up the "fee-free" deal. Contact the mortgage company and explore if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Emerson Park.
How does conveyancing in Emerson Park differ for new build properties?
Most buyers of new build premises in Emerson Park contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because developers in Emerson Park tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Emerson Park or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one close by in Emerson Park I like with a park and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Emerson Park in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan that many years will likely be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Me and my husband have recently had an offer accepted on a house and had an appointment on Wednesday with Nationwide for the mortgage. They advised us that when it comes to appointing a conveyancer that unless they are on their approved panel of property lawyers then we will have to pay out a further charge of about two hundred pounds. This is is due to the fact that they will then have to instruct a conveyancer to act on their behalf as well as the one we choose to act on our behalf and we will be on the hook for their fees. I have requested Nationwide to provide me with a list so I can request quotes only from their approved conveyancers but was told that I need to check with each individual conveyancer to see if they are on the panel. Is there a list online?
You should ask Nationwide what their criteria for panel membership is for a solicitor.Then ask the solicitor of your choice whether they fit that criteria and have they acted on mortgages for Nationwide before. Where the answer to those is yes, then just double check with Nationwide. Alternatively please use our search facility and we should be able to identify a solicitor in Emerson Park on the panel for Nationwide.