Me and my partner are purchasing a 2 bedroom flat in Helston with a mortgage. We like our Helston lawyer, however the mortgage company says she’s not on their "panel". It appears that we have no choice but to appoint one of the mortgage company panel conveyancing practices or continue with our Helston conveyancing practitioner as well as pay for one of their panel firms to represent them. We feel that this is unjust; is there anything we can do?
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 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. Another option that might be available is for your Helston conveyancing solicitor to apply to be on the conveyancing panel.
My solicitor has identified a a legal deficiency with the lease for the flat we are purchasing in Helston. The seller’s lawyers have offered 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 lender is happy with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions must be adhered to.
What will a local search inform me regarding the property my wife and I buying in Helston?
Helston conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company for instance Onsearch The local search is essential in every Helston conveyancing purchase; that is if you don’t want any nasty once you have moved into your new home. The search will supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
How does conveyancing in Helston differ for new build properties?
Most buyers of new build residence in Helston approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is built. This is because developers in Helston usually acquire 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 Helston or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Helston I like with a park and transport links in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Helston in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
My husband and I are first time buyers - had an offer accepted, yet the selling agent informed us that the vendor will only go ahead if we use their preferred conveyancers as they want a ‘quick sale’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Helston
It is unlikely the vendors are behind this. Should the vendor desire ‘a quick sale', alienating a serious purchaser is not the way to achieve this. Bypass the agents and go straight to the sellers and make sure they comprehend that (a)you are serious purchasers (b)you are ready to progress, with finances in place © you do not need to sell (d) you intend to proceed fast (e)but you are going to appoint your own,trusted Helston conveyancing firm - not the ones that will earn the negotiator at the agency a commission or hit his conveyancing targets pre-set by corporate headquarters.