Me and my fiance are hoping to acquire a 3 bedroom flat in Somerstown with a mortgage. We have a Somerstown lawyer, however the mortgage company says he's not on their "panel". It seems we have no option but to instruct one of the lender panel solicitors or keep our Somerstown conveyancing practitioner and pay for one of their panel lawyers to act for them. This seems very unfair; are we not able to require that the lender use our Somerstown property lawyer ?
Unfortunately,no. Your mortgage offer 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 Somerstown conveyancing solicitor to apply to be on the conveyancing panel.
Finally the sale completed on my house in Somerstown last February but my buyer keeps SMS messaging daily to moan that their lawyer is waiting to hear from mysolicitor. What should my lawyer have done following completion?
Post completion of your sale your conveyancer is obliged to forward the transfer documentation and all additional paperwork to the buyer’s solicitors. Depending on the transaction, your solicitor should also send confirmation that the mortgage has been paid off to the buyers solicitors. There is unlikely to be post completion requirements specific conveyancing in Somerstown.
I am buying a victorian detached house in Somerstown. We would like to carry out an extension to the side at the house.Will legal work on the property include enquiries to determine if these alterations are prohibited?
Your conveyancer will review the deeds as conveyancing in Somerstown can occasionally reveal restrictions in the title deeds which restrict categories of works or necessitated the consent of a 3rd party. Many works call for local authority planning permissions and approval in compliance with building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
We expect to receive a AIP from Clydesdale this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Clydesdale recommend any Somerstown solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Somerstown solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Somerstown bank branch on numerous occasions and was told they are content with the situation and they would lend. My Somerstown conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The property lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
It has been 2 months since my purchase conveyancing in Somerstown took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Somerstown differ for new build properties?
Most buyers of new build residence in Somerstown approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Somerstown typically buy 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 conveyancing solicitors 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 Somerstown or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Somerstown before retaining conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some banks may not issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you contact us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Somerstown. Conveyancing will be smoother if you use a solicitor in Somerstown especially if they are familiar with such properties in Somerstown.