We are intending to acquire a 2 bedroom flat in Carlton with a mortgage. We wish to retain our Carlton conveyancer, but the mortgage company says he's not on their "panel". It appears that we have no option but to instruct one of the mortgage company panel firms or continue with our Carlton conveyancer as well as pay for one of their panel ones to act for them. We consider that this is inequitable; are we not able to demand that the mortgage company use our Carlton property lawyer ?
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 Carlton conveyancing lawyer to apply to be on the conveyancing panel.
Will conveyancers ask for an advanced payment when it comes to conveyancing in Carlton?
If you are buying a property in Carlton your lawyer will ask you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the total price then this will be asked for shortly before exchange of contracts. The final balance that is due should be transferred shortly before completion.
I decided to have a survey carried out on a property in Carlton in advance of retaining conveyancers. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies may refuse to issue a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements from Halifax. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Carlton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Carlton to see if the conveyancing costs will increase in light of this.
Do I need to be wary that estate agents that I am dealing with are encouraging me to use a web based conveyancing firm rather than a local Carlton conveyancing company?
As with many service providers, often referrals from family and friends can be extremely useful or valuable. Yet there are numerous people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may suggest solicitors to instruct. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You are free to choose your preferred conveyancer. However, bear in mind that most lenders specify a panel list of lawyers you are obliged to use for the mortgage related work in your house move.
Am in the process of buying my 1st property in Carlton. Conveyancing practitioner already instructed. The mortgage adviser advised that a survey is not appropriate as the property was only built in 1997.
At the very least you should order a Home Buyer's Report. As the residence was built over a decade ago the property will be without a warranty, so you don't want to take a risk. For a property that age with no signs of problems a Home Buyer's report could be sufficient. The report should highlight any apparent issues and suggest further investigation if appropriate. If there are any indications of material issues obtain a comprehensive Building Survey from the beginning.