I plan on acquiring a flat in Balby. My Solicitor has never been on on the lender solicitor list. Can I still use my Balby conveyancing solicitor notwithstanding that they are excluded from the mortgage company panel?
You must have a solicitor to deal with the legal work required when you need a mortgage to buy your home. The lawyer will conduct all the appropriate due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You could appoint a Balby solicitor of your choosing. Nevertheless, where the conveyancing practitioner appointed is not on the mortgage company solicitor panel further fees will be incurred as separate legal representation will be need by the lender. Conveyancing panel applications can be submitted, so where your conveyancer has not previously applied for membership they should do so.
How does conveyancing in Balby differ for newly converted properties?
Most buyers of new build or newly converted property in Balby contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Balby typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Balby or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Balby is the location of the property. Can you offer any guidance?
Flying freeholds in Balby are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Balby you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Balby may decide 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 residence.
Should I be concerned about estate agents that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a High Street Balby conveyancing practice?
As is the case with many professional services, often recommendations from connections can be extremely useful or valuable. But there are lots of players in a conveyancing deal; estate agents, financial adviser and lenders may suggest conveyancers to retain. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes commercial relationship behind the recommendation. You are free to appoint your own lawyer. You need to be aware that most mortgage providers specify a panel list of lawyers you have to use for the lender related work in your conveyancing.
Myself and my fiance have just had an offer accepted on a property and had an appointment on Wednesday with Leeds Building Society for the mortgage. They have informed us that when it comes to selecting a solicitor that if they are not on their approved panel of lawyers then we will have to pay out an additional charge of about two hundred pounds. This is because they will then have to instruct a property lawyer to act for them as well as the one we select on our behalf and we assume responsibility for their invoice. I have asked Leeds Building Society to furnish me with a list so I can request estimates only from their approved solicitors but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You can enquire of Leeds Building Society what their panel criteria is for a solicitor.Thereafter ask the solicitor of your choice whether they meet the criteria and have they acted on loans for Leeds Building Society previously. Where the answer to those is yes, then just double check with Leeds Building Society. Alternatively please make use of our search tool and we may be able to find you a property lawyer in Balby on the approved list for Leeds Building Society.