I plan on acquiring a maisonette in Farnham Royal. My lawyer is not listed on the mortgage company approved list. Am I still permitted to retain my Farnham Royal conveyancing solicitor even though they are not on the lender panel?
You must instruct a lawyer to deal with the formalities when you require a loan to purchase your property. They will carry out all the essential investigations on the property, ensuring that you will be registered as proprietor and ensure that all the required mortgage paperwork is in order. You can instruct a Farnham Royal conveyancing practitioner of your choice. Nevertheless, where the conveyancer selected is not on the mortgage company solicitor panel additional charges will be incurred as separate legal representation will be required by them. Lender panel applications can be submitted, so where your conveyancer has not previously sought membership they should do so.
The housing market in Farnham Royal is hotting up. What can I do to speed up the legal process?
In the event that the seller is applying pressure for your conveyancing it is highly recommended that your solicitor is familiar with the location as they will have local relationships and intelligence. It is possible that they could have transacted otherproperties in the same street. You would be best advised to use a Farnham Royal conveyancing solicitor. Second, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that 18% of Farnham Royal conveyancing transactions are suspended or derailed after finding out that a buyer’s solicitor was not on their banks panel. In many cases this discovery resulted in the transaction being frustrated by almost three weeks. It is estimated that this issue impacts in the region of one hundred thousand home moves annually. Many Farnham Royal conveyancing practices can not represent certain mortgage companies so do check at the outset.
Do banks and building societies provide you with an approved list of Farnham Royal conveyancing solicitors? How do you know who is on the Skipton conveyancing panel?
Farnham Royal conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
I have paid off my mortgage with Coventry BS. I assume I don't need a Farnham Royal solicitor on the Coventry BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Farnham Royal solicitor - who is on the UBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Farnham Royal surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Our sealed bid on a house in Farnham Royal has been accepted, but there is a chain. The owners have placed an offer on on an apartment, but it’s not yet agreed to, and have viewings of other flats in the pipeline. I have selected a nearby conveyancing solicitor in Farnham Royal. What should be my next step? When should I get the mortgage application with Skipton started?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then valuation, Farnham Royal conveyancing search fees, etc). The first thing to do is ensure that your property lawyer is on the Skipton approved list. Regarding the next stages this very much depends on the circumstances of your transaction, motivation for this property and on the state of the market. In a buoyant market some home buyers will apply for a home loan with Skipton and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to proceed with the conveyancing in Farnham Royal.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Farnham Royal is where the house is located. Can you offer any opinion?
Flying freeholds in Farnham Royal are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Farnham Royal you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Farnham Royal 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'm remortgaging my current home to a BTL mortgage with Leeds Building Society and intend to use the remaining equity towards further property. The neighborhood we are looking at is Farnham Royal. Will your conveyancers be able to act for the two banks and tie in the conveyances?
Make use of our comparison tool on this site to ensure that the lawyers are approved by both lenders. On the basis that they are the lawyer will be able to simultaneously deal with the two deals but you should talk with you solicitor and make apparent your desired outcome and needs.