I have a decision in principle. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to instruct a Rotherhithe based conveyancing firm?
Do check but the the probability is that appoint one of their panel solicitors where you want the "fee-free" deal. Call the mortgage company and see if they make available a monetary alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Rotherhithe.
Can you help - my lawyer says that lack of planning permission insurance is required on my purchase. What is the level of cover for Rotherhithe conveyancing?
The appropriate level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Halifax and Coventry Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
It is not clear whether my mortgage offer requires a lease extension. I have called my Rotherhithe building society branch on a couple of occasions and was informed it wasn't an issue and they will lend. My Rotherhithe conveyancing solicitor - who is on the mortgage company 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.
As long as the conveyancing practitioner is on the mortgage company panel, they must comply with the CML Handbook conditions for the bank. 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.
I was told two weeks ago that my mortgage has been agreed to by TSB. Is it usual for TSB to only issue the offer once my solicitor in Rotherhithe is approved on their conveyancing panel? TSB have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
A friend recommended that if I am buying in Rotherhithe I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Rotherhithe conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Rotherhithe around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Rotherhithe Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Rotherhithe Education with maps and statistics, Local Amenities and other useful information concerning Rotherhithe.
How does conveyancing in Rotherhithe differ for newly converted properties?
Most buyers of new build or newly converted property in Rotherhithe contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Rotherhithe typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Rotherhithe or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Rotherhithe is the location of the property. Can you shed any light on this issue?
Flying freeholds in Rotherhithe are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rotherhithe 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 Rotherhithe 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.
We're novice buyers - had an offer accepted, but the agent has warned us that the seller will only issue a contract if we instruct the agent's chosen lawyers as they are insisting on an ‘expedited deal’. We would rather use a local solicitor used to conveyancing in Rotherhithe
We suspect that the seller is unaware of this requirement. If they desire ‘a quick sale', alienating a genuine buyer is likely to cause more damage than good. Bypass the agents and go straight to the sellers and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you will continue to appoint your preferred Rotherhithe conveyancing lawyers - rather thanthe ones that will earn their estate agent a commission or achieve conveyancing figures demanded by senior management.