My husband and I are purchasing a 3 bedroom apartment in South Petherton with a mortgage. We have a South Petherton solicitor, however the mortgage company advise he's not on their "panel". It appears that we have no choice but to use one of the mortgage company panel conveyancing practices or keep our South Petherton property lawyer as well as pay for one of their panel lawyers to act for them. This feels very unfair; is there anything we can do?
No, not really. Your mortgage offer 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 South Petherton conveyancing solicitor to apply to be on the conveyancing panel.
Can the conveyancing solicitors identified via your search tool execute attended exchange conveyancing in South Petherton?
There are a few conveyancing experts carrying out personalised exchanges. You should contact us to secure a conveyancing quote and details as to dates.
I had intended to instruct a property lawyer in South Petherton for our house purchase. Our financial adviser has since advised us that our mortgage lenders Norwich and Peterborough Building Society won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all South Petherton conveyancing firms would have been on many lender panels. The financial services regulator in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms concerning their operations and their employees as well as set certain criteria such a completing on a minimum number of conveyancing. Many South Petherton conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. South Petherton is one of the hundreds of locations where the conveyancers we recommend are members of the panel for Norwich and Peterborough Building Society.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. South Petherton is the location of the property. Can you offer any opinion?
Flying freeholds in South Petherton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside South Petherton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in South Petherton may determine 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.
Can you offer any advice when it comes to finding a South Petherton conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a South Petherton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non South Petherton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
-
What volume of lease extensions has the firm carried out in South Petherton in the last 12 months?
South Petherton Leasehold Conveyancing - A selection of Queries Prior to buying
-
What is the annual service fee and ground rent? Who is in charge of the building?
Is it true that a South Petherton conveyancing company taken to court by clients for not carrying out the right conveyancing investigations?
We are not aware of such a South Petherton conveyancing matter but it has been reported that, clients acquiring a house in Cumbria successfully won a claim against their property lawyer due to development permission to construct a wind farm failing to be identified in conveyancing searches.
If you are contemplating buying a home in South Petherton It is essential that your solicitor carry out all South Petherton conveyancing searches needed to ensure you have accurate and up to date information ahead of purchasing a property.