My wife and I are planning to acquire a house in Sturminster Newton and have appointed a Sturminster Newton conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Coventry Building Society have this evening contacted us to inform me that they have now hit a problem as our Sturminster Newton solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Sturminster Newton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
The owners of the house we are purchasing are using a conveyancing solicitor in Sturminster Newton who has insisted on a preliminary contract with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
There are a couple of main drawbacks with executing a lock out agreement (also known as an exclusivity agreement) is that it takes away the focus from moving forward with the conveyancing transaction itself, so unless it requires limited or no negotiation then it may turn out to be unhelpful. It is not particularly popular amongst Sturminster Newton conveyancing lawyers as a result. A further concern is the extent of the remedies available - an aggrieved purchaser should not expect to obtain an injunctive ruling by a court to prohibit the vendor completing the sale to a third party, so the only remedy available under the contract will be the recovery of wasted costs and, in restricted situations, the additional payment of damages.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would much rather instruct a local conveyancing solicitor in Sturminster Newton?
Do check but the the likelihood is that appoint one of their panel lawyers where you want the "fee-free" incentive. Contact the lender to check if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor in Sturminster Newton.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The lawyers who dealt with the conveyancing in Sturminster Newton 4 years ago have long since closed. What are my next steps?
These day there are copies made of almost everything, and your conveyancer will be aware exactly where to look for all the suitable paperwork so you can purchase or dispose of your property without a hitch. If copies can’t be found, your conveyancer can arrange cover in the form of insurance or indemnities against future claims on the property.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a simple, no chain conveyancing. Sturminster Newton is where the house is located. Can you offer any opinion?
Flying freeholds in Sturminster Newton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sturminster Newton you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sturminster Newton 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 property.
I'm remortgaging my current house to a BTL mortgage with Platform Home Loans Ltd and I will use the ballance of the raised equity as a down payment on a second property. The neighborhood we are interested in is Sturminster Newton. Will your lawyers be able to act for both sets of banks and tie in the transactions?
Make use of our search tool on this page to ensure that the conveyancers are on the relevant lender panels. Having checked that they are your solicitor should be able to tie up the two deals but you should have a chat with you conveyancer and communicate your desired outcome and requirements.