My wife and I are purchasing a 1 bedroom flat in Low Moor with a mortgage. We like our Low Moor conveyancer, however the lender advise she’s not on their "panel". It seems we have little option but to instruct one of the mortgage company panel solicitors or keep our Low Moor conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This seems very unfair; are we not able to insist that the mortgage company use our Low Moor conveyancer ?
No, not really. 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 Low Moor conveyancing lawyer to apply to be on the conveyancing panel.
We have rather assertive vendors who has insisted on a preliminary contract with a deposit two thousand pounds. Is it wise to enter into such agreements?
Lock out agreements are agreements between a property owner and prospective buyer giving the buyer exclusive rights to purchase the premises within an agreed time frame. Essentially, an exclusivity agreement is a contract specifying that you should have a contract at a later time being the contract for the actual sale. It tends to be used for buyer confidence though in some cases, the seller may enjoy an upside from such agreements as well. There are many pros and cons to using them but you should to check with your lawyer but note that it may result in costing you more in conveyancing charges. For this these agreements are rare in relation to conveyancing in Low Moor.
After months of negotiation I have agreed a price on a house in Low Moor. My financial adviser suggested a property lawyer. I paid an on account payment of £150. Not long after, the property lawyer called me sheepishly admitting that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
About to purchase flat in Low Moor. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Low Moor conveyancer is on the Nottingham conveyancing panel.
After shopping around on the internet I have found a Low Moor conveyancer having made sure that they are on the HSBC conveyancing panel. Does my lawyer arrange the survey of the property?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC 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 Low Moor 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.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Low Moor. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Low Moor
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Please supply a car parking plan. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I am looking for a ground for flat up to £305k and found one round the corner in Low Moor I like with a park and transport links in the vicinity, however it only has 61 years on the lease. There is not much else in Low Moor suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I need to review quotes for conveyancing in Low Moor from three conveyancing practitioner and appoint one. Am I right to instruct them to hold tight until I have found somewhere to purchase.
We would recommend that you only get your solicitor to commence work and submit searches after the sales memorandum has been sent by the estate agent especially as Low Moor conveyancing searches are a couple of hundred pounds.