Me and my fiance are purchasing a 2 bedroom apartment in Southsea with a mortgage. We would like to retain our Southsea conveyancer, however the mortgage company says she’s not on their "panel". It appears that we have no choice but to appoint one of the lender panel conveyancing practices or keep our Southsea conveyancer as well as pay for one of their panel lawyers to represent them. This seems very unfair; are we not able to insist that the bank use our Southsea 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 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 Southsea conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are buying a newly constructed apartment in Southsea and my lawyer is informing me that she is duty bound to the mortgage company to reveal incentives from the seller. The Estate Agents are hassling me to exchange and I would rather not prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Please explain the implications if my lawyer’s firm is expelled from the Yorkshire BS Solicitor panel ahead of completing my conveyancing in Southsea?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am close to exchanging contracts on the sale of our home in Southsea and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local lawyer would know this is not the case. It does beg the question why the purchasers instructed an online conveyancing practice rather than a conveyancing solicitor in Southsea. We have lived in Southsea for six years we know that this is a non issue. Is it a good idea to contact our local Authority to get clarification need.
It would appear that you have a conveyancing firm already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Is it simple use your search tool to select a conveyancing solicitor in Southsea on the panel for my lender?
First choose a lender such as HSBC Bank, Virgin Money or Alliance & Leicester then specify your preferred area a common one being Southsea. Conveyancing practices in Southsea and across England and Wales should be identified.
I have just started marketing my basement flat in Southsea. Conveyancing solicitors are to be appointed soon, however I have recently had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as you normally would as all rents and service invoices will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Southsea - Sample of Queries before buying
-
How many years remain on the lease? Who manages the building? How is the lease structured?