We are planning to purchase a 1 bedroom apartment in Immingham with a mortgage. We wish to retain our Immingham conveyancer, but the lender advise he's not on their "panel". It appears that we have little choice but to appoint one of the lender panel conveyancing practices or keep our Immingham conveyancer as well as pay for one of their panel ones to act for them. This seems very unfair; are we not able to insist that the bank use our Immingham conveyancer ?
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 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 Immingham conveyancing lawyer to apply to be on the conveyancing panel.
The vendors of the home we are purchasing have instructed a conveyancing solicitor in Immingham who has insisted on a lock out contract with a down payment two thousand pounds. Are such agreements sensible?
Exclusivity contracts are agreements between a home vendor and prospective buyer granting the buyer the sole right to the sale of the property within an agreed time frame. Essentially, a lock out agreement is a contract specifying that you will have a contract at a later time which is the contract for the actual sale. It is generally used for buyer assurance though in some cases, the owner may enjoy an upside from such agreements as well. There are many positives and negatives to having them but you should to check with your lawyer but beware that it may result in costing you more in conveyancing fees. In light of this these contracts are avoided when it comes to conveyancing in Immingham.
five months have gone by since my purchase conveyancing in Immingham took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Immingham is the location of the property. Can you offer any guidance?
Flying freeholds in Immingham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Immingham you must be sure that your lawyer goes 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 Immingham may ascertain 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 premises.
What can I do to determine who is the owner of a house in Immingham?
Assuming that the property is recorded at the Land Registry, and you have the information of the address of the property, you should be able to obtain details from the HM Land Registry of the registered owner for a for less than a fiver.