We are buying a 3 bedroom apartment in Long Melford with a mortgage. We would like to retain our Long Melford lawyer, however the bank says he's not on their "panel". It appears that we have no option but to select one of the bank panel firms or continue with our Long Melford property lawyer and pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer 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 Long Melford conveyancing solicitor to apply to be on the conveyancing panel.
It is is a decade since I bought my house in Long Melford. Conveyancing solicitors have recently been appointed on the sale but I can't locate my title documents. Is this a major issue?
You need not be too concerned. First the deeds may be kept by the lender or they may be in the possession of the solicitor who acted in the purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Long Melford involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
Do the Building Society Association intend to launch a searchable register to list practices on the Coventry BS conveyancing panel for example in Long Melford?
We would not expect to be advised of any intention on the part of the BSA to promote such a register.
Will my solicitor be raising enquiries about flooding during the conveyancing in Long Melford.
The risk of flooding is if increasing concern for lawyers dealing with homes in Long Melford. Plenty of people will purchase a house in Long Melford, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a numerous checks that can be undertaken by the purchaser or on a buyer’s behalf which should figure out the risks in Long Melford. The standard information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the vendor to determine whether the premises has historically flooded. If flooding has previously occurred which is not notified by the vendor, then a buyer may commence a claim for damages as a result of such an misleading response. The buyer’s solicitors should also order an enviro report. This should higlight if there is any known flood risk. If so, more detailed inquiries will need to be made.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Long Melford I like with a park and station nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Long Melford for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage that many years will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
I have been pointed in your direction by a number of estate agents in Long Melford to get a quote from a property lawyer on your site. Is there a financial advantage for Estate Agents to market your lawyers rather than a competitor’s?
We don’t give any commission for directing people in our direction. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.