My husband and I are purchasing a 2 bedroom flat in Farnborough with a mortgage. We have a Farnborough lawyer, but the lender says he's not on their "panel". It appears that we have little option but to select one of the bank panel firms or keep our Farnborough lawyer as well as pay for one of their panel lawyers to represent them. This seems 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 Farnborough conveyancing lawyer to apply to be on the conveyancing panel.
My solicitor has identified a a problem with the lease for the apartment we are purchasing in Farnborough. The other side have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that he must be satisfied that the lender is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
My grandfather passed away six months ago and as sole heir and executor I was left the house in Farnborough. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then HSBC will require that you use a conveyancer on the HSBC conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your HSBC conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the HSBC mortgage is registered as a charge at the Land Registry.
I am buying a new build flat in Farnborough. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Farnborough
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Please confirm the Lease plans are surveyor prepared. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants.
I was advised by a few selling agents in Farnborough to choose a conveyancer on your site. Is there a financial inducement for Estate Agents to recommend your lawyers ahead of another?
We refuse to give any financial incentive for directing people to this site. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
How do I find out who is the owner of a property in Farnborough?
As long as the property is registered with HMLR, and you have the details of the address of the premises, you will be able to see details from the HM Land Registry of the recorded owner for a a minimal charge.