Me and my partner are buying a 2 bedroom flat in Fowey with a mortgage. We like our Fowey lawyer, however the lender says she’s not on their "panel". We have to appoint one of the mortgage company panel firms or retain our Fowey solicitor and pay for one of their panel lawyers to represent them. We regard this is unjust; can we not insist that the lender use our Fowey property lawyer ?
No, not really. 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 Fowey conveyancing solicitor to apply to be on the conveyancing panel.
My solicitor has uncovered a a legal deficiency with the lease for the apartment we are buying in Fowey. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 property lawyer will have no choice but to discontinue acting for you.
What is the optimum way to discover of the solicitor handling my conveyancing in Fowey is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Norwich and Peterborough Building Society thus spending £175.00 in further legal costs.
You should take advantage of the find a conveyancing panel solicitor tool on this web page. Pick the mortgage company and type ‘Fowey’ or your location and you will discover a number of lawyer based in Fowey or near you.
How does conveyancing in Fowey differ for new build properties?
Most buyers of new build or newly converted property in Fowey come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because builders in Fowey tend to purchase the site, 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 property lawyers 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 Fowey or who has acted in the same development.
I am looking to sell my house. My past lawyers has retired. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Fowey if that makes a difference.
Do use our search tool to help you choose a solicitor for your conveyancing in Fowey. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
My step-father has encouraged me to appoint his lawyers for conveyancing in Fowey. Should I use them?
No doubt the best way to find a conveyancing solicitor is to have referrals from friends or family who have actually previously instructed the conveyancer you're considering.