We are planning to acquire a 3 bedroom flat in Merton with a mortgage. We wish to retain our Merton conveyancer, 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 firms or keep our Merton conveyancing practitioner as well as pay for one of their panel ones to represent them. We regard this is unjust; 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 Merton conveyancing solicitor to apply to be on the conveyancing panel.
Why do I have to pay up front for conveyancing in Merton?
If you are buying a property in Merton your lawyer will request that you place them with monies to cover the search fees. Generally this is called for to cover the fees of the Local Authority Search. When the down payment is as part of the total price then this should be required shortly before contracts are exchanged. The closing balance that is needed should be transferred a couple of days ahead of the day of completion.
What is your number one tip for choosing a conveyancing solicitor in Merton
We would encourage you not to go for the cheapest Merton conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
We have a mortgage agreed in principle with Skipton. Merton conveyancing lawyers have been appointed. How long does it take for Skipton to send the offer to the solicitor?
Some lenders take longer than others. Have Skipton conducted the valuation? Have you informed Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I can not fathom if my mortgage offer requires a lease extension. I have called my Merton bank branch on a couple of occasions and was advised it wasn't an issue and they will lend. My Merton conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the conveyancer is on the mortgage company panel, she or he must comply with the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Do I need to pay for insurance to cover chancel repairs when acquiring a house in Merton?
Unless a prior acquisition of the property took place after 12 October 2013 you can assume that solicitors conducting conveyancing in Merton to continue to advocate a chancel search and or insurance against a claim.
I am looking for a ground for flat up to £245,000 and found one near me in Merton I like with open areas and railway links nearby, the downside is that it only has 51 years on the lease. There is not much else in Merton in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the remaining unexpired lease term will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Is planning permission needed to convert a house into multiple appartments in Merton? This has occurred to a property opposite to my house in Merton and was ignorant of the conversion until after the works were done.
Planning Consent yes. Building Reg Approval yes.