My husband and I are buying a 3 bedroom flat in Mudeford with a mortgage. We have a Mudeford conveyancer, but the bank says he's not on their "panel". We have to appoint one of the lender panel firms or retain our Mudeford lawyer as well as pay for one of their panel firms to represent them. We feel that this is inequitable; 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. Another option that might be available is for your Mudeford conveyancing solicitor to apply to be on the conveyancing panel.
Will my conveyancer be asking questions regarding flooding during the conveyancing in Mudeford.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Mudeford. Plenty of people will buy a house in Mudeford, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a various searches that can be initiated by the buyer or by their conveyancers which should figure out the risks in Mudeford. The conventional set of information sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the owner to discover whether the premises has ever been flooded. If the residence has been flooded in past and is not revealed by the vendor, then a purchaser may commence a claim for damages as a result of such an inaccurate response. The buyer’s solicitors may also order an enviro report. This will indicate whether there is a recorded flood risk. If so, additional investigations should be made.
My wife and I purchased a renovated Georgian property in Mudeford. Conveyancing practitioner acted for me and Godiva Mortgages Ltd. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold with the exact same property. Is it worth asking Godiva Mortgages Ltd to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Mudeford and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Mudeford differ for new build properties?
Most buyers of new build or newly converted property in Mudeford contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Mudeford tend to acquire 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 property lawyers 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 Mudeford or who has acted in the same development.
I am purchasing a flat with all finances in place. My lawyer has been given with 2 separate evidence of photographic identification, bank statement, endless utility bills. Now he needs a copy from a probate lawyer advising that the funds are in place and that it has come from inheritance and not selling fake DVD.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Mudeford conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.