Me and my partner are purchasing a 2 bedroom flat in Shepherd's Bush with a mortgage. We have a Shepherd's Bush conveyancer, however the lender says she’s not on their "panel". It seems we have little option but to select one of the lender panel conveyancing practices or keep our Shepherd's Bush conveyancer and pay for one of their panel ones to act for them. This feels very unfair; 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. Another option that might be available is for your Shepherd's Bush conveyancing lawyer to apply to be on the conveyancing panel.
Our lawyer has uncovered a defect with the lease for the property we are buying in Shepherd's Bush. The other side have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer has advised that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender conditions must be adhered to.
What does a local search inform me regarding the property we're buying in Shepherd's Bush?
Shepherd's Bush conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Searchflow The local search is essential in every Shepherd's Bush conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
How does conveyancing in Shepherd's Bush differ for new build properties?
Most buyers of new build property in Shepherd's Bush come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because developers in Shepherd's Bush usually buy the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Shepherd's Bush or who has acted in the same development.
My husband and I are FTB’s - had an offer accepted, but the agent advised that the vendor will only go ahead if we appoint the agent's recommended solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a local conveyancer who is familiar with conveyancing in Shepherd's Bush
It is improbable the sellers are driving this. Should the vendor desire ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Bypass the agents and go straight to the owners and make the point that (a)you are motivated purchasers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to use your own,trusted Shepherd's Bush conveyancing lawyers - not the ones that will give the estate agent a kickback or achieve conveyancing targets demanded by head office.
Being a tenant I am liable for a maintenance fee for my flat in Shepherd's Bush. Due to redundancy and other issues I fell behind with payments. The managing agents agreed a settlement plan but there remains three thousand pounds currently outstanding.
I now wish to dispose of the property and I am nervous that this will jeopardize the sale if I have to discharge the arrears now. Do I have to settle before - is this achievable?
Do check with the property lawyer dealing with your Shepherd's Bush conveyancing but it may be possible to agree for the outstanding amount to be passed to the purchasers. The purchase price they pay would be reduced to reflect the amount of debt they assume. They could then discharge the arrears once they are the owners.