We are buying a 1 bedroom apartment in Ilminster with a mortgage. We wish to retain our Ilminster solicitor, but the lender says he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or retain our Ilminster solicitor and pay for one of their panel firms to act for them. We feel that this is unjust; is there anything we can do?
No, not really. Your mortgage offer 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. A further alternative is for your Ilminster conveyancing solicitor to apply to be on the conveyancing panel.
Why do I have to pay up front when it comes to conveyancing in Ilminster?
Where you are retaining lawyers for conveyancing in Ilminster your solicitor will ask you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the sale price then this will be asked for shortly ahead of contracts are exchanged. The final balance that is needed should be sent to your lawyer a few days ahead of the completion date.
I am purchasing a semi-detached house in Ilminster. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Ilminster you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ilminster.
How does conveyancing in Ilminster differ for new build properties?
Most buyers of new build residence in Ilminster 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 developers in Ilminster tend to purchase the land, 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 conveyancers 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 Ilminster or who has acted in the same development.
How does the Landlord & Tenant Act 1954 impact my business premises in Ilminster and how can your lawyers assist?
The 1954 Act provides a safeguard to commercial leaseholders, granting the legal entitlement to make a request to court for a renewal lease and continue in occupation when the lease reaches an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and assist with commercial conveyancing in Ilminster