My wife and I are purchasing a 2 bedroom flat in Plymouth with a mortgage. We have a Plymouth conveyancer, but the bank advise she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or retain our Plymouth property lawyer and pay for one of their panel firms to represent them. We regard this is inequitable; can we not insist that the lender use our Plymouth conveyancing practitioner ?
Unfortunately,no. 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. Another option that might be available is for your Plymouth conveyancing solicitor to apply to be on the conveyancing panel.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would prefer to appoint a Plymouth based conveyancing firm?
You should check but the chances are that appoint one of their panel solicitors should you take up the "fee-free" incentive. Speak to the mortgage company to explore if they allow a monetary alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Plymouth.
Are there restrictive covenants that are commonly identified during conveyancing in Plymouth?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Plymouth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build apartment in Plymouth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Plymouth
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Plymouth is the location of the property. Can you shed any light on this issue?
Flying freeholds in Plymouth are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Plymouth you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Plymouth may ascertain 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 premises.
I have been pointed in your direction by three or four local estate agents in Plymouth to select a conveyancer using your seach tool. What’s the financial upside for Estate Agents to recommend your lawyers ahead of a competitor’s?
We don’t offer any referral fee for sending work our way. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.