Me and my fiance are buying a 2 bedroom apartment in Kirk Ella with a mortgage. We would like to retain our Kirk Ella conveyancer, but the lender advise he's not on their "panel". It seems we have little choice but to appoint one of the mortgage company panel firms or retain our Kirk Ella solicitor and pay for one of their panel firms to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer 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 Kirk Ella conveyancing solicitor to apply to be on the conveyancing panel.
We wanted to use a property lawyer in Kirk Ella for our home move. Our broker has since advised us that our mortgage company Bank of Scotland won't deal with them. Surely this is unfair competition?
Banks in the main imposes restrictions either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, some have decided to limit the amount of firms they allow to represent them. Be aware that Bank of Scotland have no responsibility for the quality of advice provided by any member of Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels since 2008 even though there are differing opinions regarding the level of solicitor engagement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Kirk Ella only carry out a couple conveyances per annum.
I need some quick conveyancing in Kirk Ella as I am faced with an ultimatum to exchange contracts in less than 4 weeks. A mortgage is not required. Can I decline from having conveyancing searches to save money and time?
If.Given you are are a cash buyer you are at free not to do searches although no law firm would advise that you don't. With plenty of history conveyancing in Kirk Ella the following are examples of issues that can show up and therefore impact market value: Enforcement Actions, Outstanding Charges, Overdue Grants, Road Schemes,...
I am looking for a leasehold apartment up to £195,000 and identified one round the corner in Kirk Ella I like with a park and station in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Kirk Ella suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
Why is it not possible to complete our conveyancing in Kirk Ella on a public holiday?
Because on completion the money needs to pass between the banks of the buyer and seller's conveyancing practitioner and currently this can only take place on a business day. It is not possible to complete on a weekend either.