we are a couple who wish to acquire a purpose built flat in Lingfield with a mortgage from Platform Home Loans Ltd.We use our Lingfield conveyancing practitioner but Platform Home Loans Ltd advised that her practice is not listed on their approved list of firms. It seems we have no choice but to instruct a Platform Home Loans Ltd panel lawyer or retain our preferred solicitor and fork out for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan issued to you contains terms and conditions, a common one being that solicitors must be on the Platform Home Loans Ltd approved list. Until recently, most banks 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 solicitors to apply to be on the conveyancing panel for Platform Home Loans Ltd
How does conveyancing in Lingfield differ for newly converted properties?
Most buyers of new build premises in Lingfield approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Lingfield usually buy 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 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 Lingfield or who has acted in the same development.
I opted to have a survey completed on a property in Lingfield in advance of instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies will not grant a loan on such a premises.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Lingfield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Lingfield to see if the conveyancing will be more expensive.
I'm converting the mortgage on my primary property to a BTL loan with The Mortgage Works and I will use the ballance of the raised equity as a down payment on further property. The area we are interested in is Lingfield. Will your lawyers be able to act for both sets of lenders and tie in the two deals?
Do use our comparison tool on this site to be sure that the conveyancers are approved by both banks. On the basis that they are your conveyancer will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you lawyer and specify your desired outcome and needs.
We're first time buyers - agreed a price, but the agent has warned us that the vendor will only proceed if we use the agent's chosen conveyancers as they are insisting on a ‘quick sale’. We would rather use a high street solicitor who is familiar with conveyancing in Lingfield
We suspect that the seller is not behind this ultimatum. Should the owner desire ‘a quick sale', alienating a motivated purchaser is counter productive. Try to communicate with the sellers directly and make the point that (a)you are genuine buyers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you will continue to use your preferred Lingfield conveyancing firm - as opposed tothose that will provide their estate agent a introducer fee or achieve conveyancing figures set by head office.