Me and my partner are purchasing a 3 bedroom apartment in Neston with a mortgage. We have a Neston conveyancer, but the mortgage company says she’s not on their "panel". It seems we have no choice but to use one of the mortgage company panel firms or keep our Neston conveyancing practitioner and pay for one of their panel lawyers to act for them. This seems very unfair; can we not demand that the bank use our Neston solicitor ?
No, not really. 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 Neston conveyancing lawyer to apply to be on the conveyancing panel.
Should our lawyer be asking questions concerning flooding during the conveyancing in Neston.
Flooding is a growing risk for solicitors specialising in conveyancing in Neston. There are those who buy a house in Neston, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Neston. The conventional set of property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to determine whether the property has historically flooded. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser may issue a legal claim for losses as a result of such an incorrect response. The purchaser’s solicitors should also commission an enviro search. This should reveal whether there is a recorded flood risk. If so, additional investigations will need to be made.
How does conveyancing in Neston differ for newly converted properties?
Most buyers of new build residence in Neston contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Neston tend to acquire the real estate, 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 Neston or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and identified one round the corner in Neston I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Neston for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
We're new to the buying process - agreed a price, yet the selling agent told us that the vendor will only proceed if we appoint the agent's recommended lawyers as they want a ‘quick sale’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Neston
We suspect that the seller is unaware of this demand. Should the vendor require ‘a quick sale', alienating a genuine buyer is counter productive. Contact the owners directly and make the point that (a)you are motivated buyers (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)however you intend to instruct your preferred Neston conveyancing solicitors - not the ones that will earn the estate agent a kickback or meet his conveyancing targets pre-set by head office.