I am buying a flat in Bourne. My Conveyancer has never been on on the mortgage company conveyancing panel. Am I still permitted to continue with my Bourne conveyancing solicitor even though they are not on the bank list of approved lawyers?
One will need to instruct a to deal with the formalities if you require a mortgage to purchase your home. They will conduct all the essential due diligence on the property, make sure that you will be registered as proprietor and ensure that all the necessary mortgage paperwork is in place. One could select a Bourne of your choosing. However, if the selected is not a member of the mortgage company conveyancing panel further charges will be levied as separate legal representation will be required by them. Conveyancing panel applications may be submitted, so where your lawyer has not previously sought membership they should take the chance to apply.
It is a dozen years since I acquired my house in Bourne. Conveyancing lawyers have now been instructed on the sale but I am unable to locate my title deeds. Is this a problem?
Don’t worry too much. First there is a possibility that the deeds will be retained by the mortgage company or they could be archived with the lawyers who acted in the purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. The vast majority of conveyancing in Bourne relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is resolvable.
I have been told that property searches are the primary cause of hinderance in Bourne conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Bourne.
How does conveyancing in Bourne differ for new build properties?
Most buyers of new build residence in Bourne contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Bourne typically buy the real estate, 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 Bourne or who has acted in the same development.
I opted to have a survey done on a property in Bourne before instructing lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders will refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bourne. Conveyancing may be slightly more expensive based on your lender's requirements.