Me and my fiance are buying a 1 bedroom apartment in Falmouth with a mortgage. We wish to retain our Falmouth lawyer, but the mortgage company advise he's not on their "panel". It seems we have no choice but to instruct one of the lender panel firms or keep our Falmouth solicitor as well as pay for one of their panel ones to act for 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 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 Falmouth conveyancing lawyer to apply to be on the conveyancing panel.
My conveyancer has uncovered a defect with the lease for the property we are purchasing in Falmouth. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must ensure that the bank is content with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender conditions must be adhered to.
My wife and I have a 4 bedroom Victorian property in Falmouth. Conveyancing lawyer represented me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the exact same property. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Falmouth and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who conducted the conveyancing.
I have been on the look out for a ground for flat up to £245,000 and identified one close by in Falmouth I like with a park and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Falmouth in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Do I need to be suspicious about third parties that I am dealing with are recommending a factory type conveyancing firm rather than a local Falmouth conveyancing firm?
As is the case with lots of professional services, often suggestions from family and friends can be most helpful. But there are many people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies may put forward conveyancers to retain. On occasion these solicitors might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the endorsement. You have the right to select your preferred conveyancer. You need to be aware that many lenders specify a panel list of law firms you are obliged to use for the lender related work in your house move.
I need to retain a conveyancing solicitor for remortgage conveyancing in Falmouth. I have land on a site which appears to be the perfect solution If it is possible to get all this stuff completed via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?