We are purchasing a 1 bedroom flat in Gosforth with a mortgage. We have a Gosforth solicitor, however the lender says he's not on their "panel". It appears that we have little option but to appoint one of the bank panel firms or retain our Gosforth conveyancing practitioner and pay for one of their panel lawyers to represent them. We feel that this is inequitable; 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. A further alternative is for your Gosforth conveyancing lawyer to apply to be on the conveyancing panel.
I am hoping to complete my purchase in Gosforth next Tuesday. My solicitor now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not specific to conveyancing in Gosforth.
This question may be naive but I am unseasoned as a 1st time buyer of a garden flat in Gosforth. Do I receive the keys to the premises on the completion date from my lawyer? If so, I will find a local conveyancing solicitor in Gosforth?
On the day of completion you do not need to go to the conveyancers office in Gosforth. Your solicitors will arrange to send the purchase money to the seller's lawyers, and once they have received this, you will be called to collect the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
A relative advised me that in purchasing a property in Gosforth there could be a number of restrictions affecting the ability to carry out external changes to the property. Is this right?
We are aware of a number of properties in Gosforth which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Gosforth should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Gosforth solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore 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 Gosforth 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.
In what way does the Landlord & Tenant Act 1954 affect my business premises in Gosforth and how can you help?
The 1954 Act gives protection to business leaseholders, giving them the a statutory right to make a request to court for a new tenancy and continue in occupation at the end of an expired lease. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Gosforth is one of the many areas of the UK in which our lawyers are based
Should I appoint a Gosforth conveyancing solicitor based in the area that I am hoping to buy? An old friend can execute the conveyancing however they are based a couple of hundredkilometers drive away.
The benefit of a high street Gosforth conveyancing practice is that you can attend the office to sign paperwork, hand in your ID and pester them if necessary. Having local Gosforth know how is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and in the main were impressed that must surpass using an unknown Gosforth conveyancing solicitor solely due to them being based in the area.
I note that you have a post code search directory listing law firms on the mortgage company conveyancing panel. Do Gosforth conveyancing companies pay you a commission if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Gosforth.