Me and my partner are intending to acquire a 1 bedroom flat in Godshill with a mortgage. We have a Godshill solicitor, however the bank says she’s not on their "panel". It appears that we have little choice but to instruct one of the bank panel firms or continue with our Godshill property lawyer and pay for one of their panel ones to represent them. We consider that this is inequitable; are we not able to insist that the mortgage company use our Godshill conveyancer ?
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. Another option that might be available is for your Godshill conveyancing solicitor to apply to be on the conveyancing panel.
Is it correct that all Godshill CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing list of approved practices?
It is true that some banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I am expecting a AIP from RBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Godshill solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Godshill solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I have a mortgage with Nationwide for my property in Godshill. Conveyancing was finalised months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
You must advise Nationwide prior to letting out your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel solicitor.
Will our conveyancer be making enquiries regarding flooding as part of the conveyancing in Godshill.
Flooding is a growing risk for lawyers dealing with homes in Godshill. Some people will buy a property in Godshill, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous checks that can be undertaken by the buyer or by their solicitors which will give them a better appreciation of the risks in Godshill. The standard completed inquiry forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the vendor to find out if the premises has suffered from flooding. If the premises has been flooded in past and is not disclosed by the owner, then a purchaser may commence a legal claim for losses resulting from an incorrect answer. The purchaser’s conveyancers should also carry out an environmental search. This should reveal whether there is a recorded flood risk. If so, further inquiries will need to be initiated.
Are there restrictive covenants that are commonly picked up during conveyancing in Godshill?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Godshill. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
What does commercial conveyancing in Godshill cover?
Godshill conveyancing for business premises incorporates a wide array of services, offered by qualified solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Is it best to choose a Godshill conveyancing solicitor based in the area that I am buying? An old friend can execute the legal work however his firm is located a couple of hundredmiles away.
The benefit of a local Godshill conveyancing practice is that you can pop in to sign paperwork, present your ID and pester them if necessary. Having local Godshill know how is a benefit. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and the majority were impressed that must outweigh using an unknown Godshill conveyancing solicitor just because they are local.