My wife and I are buying a 1 bedroom flat in South Ruislip with a mortgage. We would like to retain our South Ruislip conveyancer, however the bank advise she’s not on their "panel". It seems we have no option but to appoint one of the lender panel firms or continue with our South Ruislip lawyer and pay for one of their panel ones to represent them. This seems very unfair; can we not demand that the bank use our South Ruislip property lawyer ?
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. A further alternative is for your South Ruislip conveyancing lawyer to apply to be on the conveyancing panel.
I am hoping to move into my new home in South Ruislip next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not unique to conveyancing in South Ruislip.
I'm in the throws of viewing apartments in South Ruislip and I am now considering a potential offer. Should I already have a conveyancing practitioner appointed at this stage? I will be getting a home loan with Virgin Money.
It would be advisable to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are getting a mortgage with Virgin Money, ask your prospective lawyers if they are on the Virgin Money conveyancing panel otherwise they can't do the mortgage legal work.
Planning on purchasing a apartment in South Ruislip. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the South Ruislip conveyancing practitioner is on the Co-operative conveyancing panel.
Our sealed bid on a property in South Ruislip has been accepted, but there is a chain. The owners have placed an offer on on an apartment, but it’s not yet agreed to, and have viewings of other flats in the pipeline. I have instructed a local conveyancing solicitor in South Ruislip. What should be my next step? When do I get the mortgage application with Leeds Building Society started?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, South Ruislip conveyancing search fees, etc). The first thing to do is ensure that your lawyer is on the Leeds Building Society approved list. As to the subsequent phase this very much dictated by the specifics of your transaction, attraction to the property and on the state of the market. During a hot market many purchasers will apply for a home loan with Leeds Building Society and pay for the valuation and only if it was satisfactory would they pay their property lawyer to press on with searches.
I have justfound out that Stirling Law have been shut down. They conducted my conveyancing in South Ruislip for a purchase of a leasehold apartment 18 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The quickest method to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of South Ruislip conveyancing specialists.
We're first time buyers - had an offer accepted, yet the agent informed us that the vendor will only proceed if we instruct the agent's chosen solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a high street solicitor who is familiar with conveyancing in South Ruislip
We suspect that the owner is unaware of this demand. Should the vendor want ‘a quick sale', turning down a motivated buyer is going to damage their objectives. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to instruct your own,trusted South Ruislip conveyancing solicitors - as opposed tothose that will provide their negotiator at the agency a referral fee or achieve conveyancing targets pre-set by HQ.
At last I have had an offer on an flat in South Ruislip agreed to, the seller does nevertheless have a connected purchase. The vendors have offered on somewhere, however it’s not been accepted yet, and has viewings of other properties booked. I have instructed a nearby conveyancing solicitor in South Ruislip. What do I do now? At what point should I apply for the mortgage with Nottingham?
It is understandable to have concerns where there is an associated chain given your reluctance to incur expenses prematurely (home loan application is in the region of £1k, then valuation, South Ruislip conveyancing search charges, etc). The first course of action is to check that your conveyancer is on the Nottingham conveyancing panel. Regarding the next phase this very much depends on the specifics of your transaction, desire for this property and on the state of the market. During a buoyant market many home buyers will apply for a home loan with Nottingham and arrange for the survey and only if it comes back ok would they pay their conveyancing practitioner to move forward with the conveyancing in South Ruislip.