My wife and I are purchasing a 3 bedroom apartment in Mudeford with a mortgage. We like our Mudeford lawyer, but the bank says she’s not on their "panel". We have to appoint one of the lender panel solicitors or keep our Mudeford conveyancing practitioner and pay for one of their panel ones to represent them. This seems very unfair; can we not require that the mortgage company use our Mudeford lawyer ?
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 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 Mudeford conveyancing lawyer to apply to be on the conveyancing panel.
Please help. My Mudeford lawyer is informing me me that she is duty bound toconduct Mudeford conveyancing searches becausethe firm are on the Lloydsconveyancing panel. Is my conveyancer right?
You have limited options available to you. As you are taking a mortgage with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Mudeford conveyancing searches.
As someone unfamiliar with conveyancing in Mudeford what is your top tip you can impart concerning the house moving process in Mudeford
You may not hear this from too many lawyers but conveyancing in Mudeford or throughout England and Wales is often a confrontational process. In other words, when it comes to conveyancing there is lots of opportunity for friction between you and others involved in the legal transfer of property. For example, the seller, estate agent and even potentially a mortgage company. Selecting a solicitor for your conveyancing in Mudeford an important selection as your conveyancer is your adviser, and is the SOLE person in the transaction whose role it is to protect your legal interests and to protect you.
Sometimes a third party with a vested interest will try and persuade you that it is in your interests to do things their way. For example, the selling agent may claim to be helping by claiming that your lawyer is wrong. Or your mortgage broker may advise you to do take action that is contrary to your lawyers recommendation. You should always trust your lawyer above all other parties in the home moving process.
Can you provide any top tips for leasehold conveyancing in Mudeford with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Mudeford can be reduced if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers’ conveyancers. If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over rather than unresolved. A minority of Mudeford leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. You believe that you know the number of years left on your lease but it would be wise to double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term is less than 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
Mudeford Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
Best to be warned if window replacement or some other significant cost is pending to be shared amongst the tenants and will dramatically impact the level of the service charges or require a one off invoice. Is anyone aware of any major works in the planning that will add a premium to the service fees? How many of the leaseholders are in arrears for their maintenance charge payments?
Am in the process of purchasing my first home in Mudeford. Conveyancing solicitor already selected. The financial consultant suggested that a survey is not needed as the house was only built in 1997.
You would be best advised to have a Home Buyer's Report. As the premises is over ten years old the property will not benefit from a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report may be sufficient. They will highlight any apparent problems and recommend additional investigation if appropriate. If there are any signs of problems seek a comprehensive Building Survey from the beginning.