My wife and I are buying a 3 bedroom apartment in Elmstead with a mortgage. We like our Elmstead solicitor, but the bank says he's not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Elmstead lawyer as well as pay for one of their panel firms to represent them. This feels very unfair; are we not able to require that the lender use our Elmstead conveyancing practitioner ?
Unfortunately,no. The mortgage offered to you 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. A further alternative is for your Elmstead conveyancing lawyer to apply to be on the conveyancing panel.
How does conveyancing in Elmstead differ for newly converted properties?
Most buyers of new build premises in Elmstead approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because developers in Elmstead usually 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 accustomed to new build conveyancing in Elmstead or who has acted in the same development.
I opted to have a survey done on a house in Elmstead before appointing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some lenders will refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you e-mail us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Elmstead. Conveyancing will be smoother if you use a solicitor in Elmstead especially if they are acquainted with such properties in Elmstead.
My father has suggested that I instruct his lawyers for conveyancing in Elmstead. Should I find my own solicitor?
There are no two ways about it the ideal way to select a conveyancing solicitor is to get guidance from friends or family who have experience in using the solicitor you're are thinking of instructing.
Our conveyancing in Elmstead is set to complete next Friday, however the person I am purchasing off wishes to vacate the next day at noon. Do I accept this?
If you are having a mortgage then your lawyer will require that the premises arevacant on Friday - the bank will demand it.