My husband and I are intending to buy a 1 bedroom apartment in Alcester with a mortgage. We like our Alcester lawyer, however the bank advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Alcester lawyer as well as pay for one of their panel firms to act for them. This seems very unfair; can we not demand that the lender use our Alcester solicitor ?
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. Another option that might be available is for your Alcester conveyancing lawyer to apply to be on the conveyancing panel.
Should my conveyancer be making enquiries regarding flooding as part of the conveyancing in Alcester.
Flooding is a growing risk for conveyancers dealing with homes in Alcester. There are those who purchase a house in Alcester, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a various checks that can be undertaken by the buyer or by their solicitors which will give them a better appreciation of the risks in Alcester. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the seller to find out whether the property has ever been flooded. In the event that the premises has been flooded in past and is not revealed by the owner, then a buyer may issue a compensation claim resulting from an incorrect reply. A purchaser’s conveyancers will also order an enviro search. This will indicate whether there is a recorded flood risk. If so, more detailed inquiries should be initiated.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Alcester I like with a park and transport links nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Alcester in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I was pointed in your direction by a few property agents in Alcester to choose a solicitor on your site. What’s the financial incentive for Estate Agents to recommend your services over another?
We don’t give any commission for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
We are in the process of buying a house in Alcester. Can the conveyancing practitioner keep our purchase price a secret from the likes of Rightmove. How do I make sure this is not disclosed?
HMLR as a matter of law required to specify price sold information on the official title for residential properties countrywide including homes in Alcester. The register of title is a public document, so the Land Registry would be breaking the law if they did not allow access to the register.
You can make a request of HM Land Registry to withhold the amount paid data however the answer will be in the negative.