My wife and I are hoping to buy a 3 bedroom flat in Olney with a mortgage. We wish to retain our Olney solicitor, however the mortgage company says he's not on their "panel". It seems we have no option but to instruct one of the mortgage company panel firms or retain our Olney lawyer and pay for one of their panel lawyers to represent them. We regard this is inequitable; 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 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. A further alternative is for your Olney conveyancing solicitor to apply to be on the conveyancing panel.
My conveyancer has informed me that flying freehold insurance is necessary on my purchase. What is the level of cover for Olney conveyancing?
The appropriate level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and Skipton Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
We are getting a further advance on our home loan from HSBC as we wish to conduct alterations to our property in Olney. Do we need to select a nearby Olney solicitor on the HSBC conveyancing panel to handle the paperwork?
HSBC do not ordinarily appoint firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC conveyancing panel.
I recently had an offer accepted on an apartment in Olney. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. Not long after, the conveyancing practitioner 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.
Should my solicitor be raising enquiries concerning flooding during the conveyancing in Olney.
The risk of flooding is if increasing concern for lawyers dealing with homes in Olney. There are those who purchase a property in Olney, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a various checks that can be initiated by the buyer or by their conveyancers which can give them a better appreciation of the risks in Olney. The conventional set of completed inquiry forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover if the property has suffered from flooding. In the event that the property has been flooded in past and is not revealed by the seller, then a purchaser could issue a claim for damages resulting from an inaccurate answer. A buyer’s solicitors will also commission an enviro report. This will higlight if there is any known flood risk. If so, more detailed inquiries will need to be initiated.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Olney is where the house is located. Can you shed any light on this issue?
Flying freeholds in Olney are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Olney you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Olney may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My father has urged me to instruct his conveyancers in Olney. Do I take his advice?
There are no two ways about it the best way to choose a conveyancing lawyer is to get referrals from friends or relatives who have used the solicitor that you are are thinking of instructing.
My boyfriend is buying a garden flat in Olney. He has received a fee estimate by the lawyer connected to the estate agents totaling £1385 . It was ten years ago I sold and purchased a home and the bill was £just under six hundred pounds. Have costs really escalated to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Olney searches, land registry fees, etc)