Me and my fiance are buying a 3 bedroom apartment in Wandsworth with a mortgage. We like our Wandsworth lawyer, however the lender says she’s not on their "panel". It appears that we have little option but to appoint one of the bank panel solicitors or retain our Wandsworth conveyancing practitioner as well as pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. 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 Wandsworth conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are nearing an exchange on a property in Wandsworth and my parents have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The property lawyer is obliged to clarify with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
As a novice what is the most important advice you can impart concerning purchase conveyancing in Wandsworth?
Not many law firms shout this from the rooftops but conveyancing in Wandsworth or throughout South West London is an adversarial process. In other words, when it comes to conveyancing there exists an abundance of opportunity for friction between you and other parties involved in the legal transfer of property. E.g., the seller, estate agent and even potentially the bank. Choosing a lawyer for your conveyancing in Wandsworth should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to act in your best interests and to keep you safe.
Every so often a potential adversary will attempt to sway you that you should follow their advice. For example, the selling agent may claim to be assisting by suggesting your lawyer is dragging his heels. Or your financial adviser may advise you to do take action that is contrary to your lawyers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
We are purchasing a 4 bedroom semi-detached house in Wandsworth. We would like to an extension at the rear at the property.Will the conveyancing process involve checks to determine if these alterations are allowed?
Your solicitor will check the registered title as conveyancing in Wandsworth will sometimes identify restrictions in the title deeds which restrict categories of changes or need the consent of a 3rd party. Certain extensions require local authority planning consent and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be sensible to check these things with a surveyor before you commit yourself to a purchase.
The mortgage over my property is with Lloyds for my property in Wandsworth. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
You must advise Lloyds prior to letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel firm.
Bank of Ireland have agreed my home loan in principle, my offer on a house in Wandsworth has been accepted, what are the next steps?
The estate agent will wish to know who your solicitors are (ensure that the conveyancers are on the bank’s panel). Telephone Bank of Ireland or your financial adviser and complete any outstanding paperwork. Bank of Ireland will sellect a valuer who will get in touch with the selling agent or vendor to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Bank of Ireland will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wandsworth.
I have been on the look out for a flat up to £235,500 and found one close by in Wandsworth I like with open areas and transport links nearby, however it only has 61 remaining years left on the lease. There is not much else in Wandsworth in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I need to retain a conveyancing solicitor for purchase conveyancing in Wandsworth. I happened to stumble across a site which seems to have the perfect answer If it is possible to get all this stuff completed via phone that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?