We wish to acquire a newly converted apartment in Fradley with a mortgage from Godiva Mortgages Ltd.We have a Fradley conveyancing solicitor but Godiva Mortgages Ltd says he's not on their "panel". we are left little option but to use a Godiva Mortgages Ltd panel solicitor or keep our high street solicitor and pay for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Godiva Mortgages Ltd use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its various provisions, one of which will be that lawyers needs to be on the Godiva Mortgages Ltd conveyancing panel. Until recently, most lenders had large numbers of solicitors 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 lawyer to apply to be on the conveyancing panel for Godiva Mortgages Ltd
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Fradley. Do I collect the keys to the property on completion from my conveyancer? If so, I will appoint a local conveyancing solicitor in Fradley?
On the day of completion you do not need to attend the conveyancers office in Fradley. Conveyancing lawyers for you will arrange to send the purchase money to the seller's conveyancers, and shortly after the monies have arrived, you should be invited to pick up the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
I happen to be the only beneficiary of my late mum's will with all property in now in my sole name, including the house in Fradley. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I do know about the CML 6 month 'rule', which means that my proprietorship will be considered the same way as though I had purchased the property in June. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How sensible a view mortgage companies take of it, depend on the bank as this clause is primarily there to pick up on subsales or the wholesaling and assigning of property.
How can we tell if a Fradley conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Fradley getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor handling your transaction.
A relative recommended that where I am purchasing in Fradley I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Fradley conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Fradley around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Fradley Education with maps and statistics, Local Amenities and other useful data regarding Fradley.
How does conveyancing in Fradley differ for newly converted properties?
Most buyers of new build premises in Fradley approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Fradley typically purchase 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 used to new build conveyancing in Fradley or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Fradley prior to instructing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some banks tend refuse to grant a loan on such a premises.
It varies from the lender to lender. HSBC has different instructions from Halifax. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Fradley. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be concerned that 3rd parties that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a High Street Fradley conveyancing practice?
As with many professional services, often referrals from connections can be very helpful. But there are lots of players in a conveyancing matter; estate agents, mortgage brokers and lenders may recommend conveyancers to choose. Sometimes these conveyancers might be known to one of the organisations as being good in their field, but sometimes there exists a financial incentive behind the recommendation. You have the discretion to select your own conveyancer. You need to be aware that most lenders operate an approved list of conveyancers you are obliged to use for the lender related work in your home move.