We are intending to acquire a 1 bedroom apartment in Heathfield with a mortgage. We have a Heathfield solicitor, however the mortgage company advise he's not on their "panel". It seems we have little choice but to instruct one of the bank panel solicitors or keep our Heathfield solicitor and pay for one of their panel firms to represent them. This feels very unfair; are we not able to insist that the lender use our Heathfield conveyancer ?
Unfortunately,no. Your mortgage offer 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 Heathfield conveyancing lawyer to apply to be on the conveyancing panel.
I am considering applying for a UBS mortgage for purchase of a newly converted (under development) in Heathfield with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
In theory, you could use a solicitor that is not on the UBS conveyancing panel, but UBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Will my lawyer be asking questions about flooding during the conveyancing in Heathfield.
Flooding is a growing risk for solicitors dealing with homes in Heathfield. Plenty of people will buy a house in Heathfield, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a various checks that may be carried out by the purchaser or by their solicitors which can figure out the risks in Heathfield. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to determine if the property has historically flooded. In the event that the residence has been flooded in past and is not notified by the seller, then a buyer may bring a legal claim for losses stemming from an misleading reply. A buyer’s lawyers may also conduct an environmental report. This will indicate whether there is a recorded flood risk. If so, further investigations should be made.
I have todaybecome aware that Arc property Solicitors have been shut down. They carried out my conveyancing in Heathfield for a purchase of a leasehold apartment 10 months ago. How can I check that my home is not still registered in the name of the former proprietor?
The quickest way to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Heathfield conveyancing specialists.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Heathfield I like with amenity areas and station in the vicinity, however it only has 52 remaining years left on the lease. There is not much else in Heathfield in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Why can't I complete my conveyancing in Heathfield on May bank holiday?
Because on completion the money will pass between the banks of the buyer and owner’s conveyancer and at present this can only happen on a business day. So you can't complete on a saturday or sunday either.