How do I investigate if the solicitor conducting my conveyancing in Newton Ferrers is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for The Mortgage Works thus spending £175.00 in another set of legal charges.

Feel free to take advantage of the search tool on this web page. Pick the lender and type ‘Newton Ferrers’ or your preferred area and you will be presented with numerous solicitors offices in Newton Ferrers or nearest you.

It has been 3 months since my purchase conveyancing in Newton Ferrers concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

What does commercial conveyancing in Newton Ferrers cover?

Commercial conveyancing in Newton Ferrers incorporates a wide range of services, offered by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.

What makes a Newton Ferrers lease unmortgageable?

There is nothing unique about leasehold conveyancing in Newton Ferrers. All leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

A duty to insure the building

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

Newton Ferrers Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

Be sure to enquire if there are any onerous restrictions in the lease. By way of example it is very common in Newton Ferrers leases that pets are not permitted in in a block in Newton Ferrers. If you like the flatin Newton Ferrers yet your cat can’t live with you then you will be presented with a difficult choice. Does the lease have more than 82 years remaining? The answer will be helpful as a) areas may cause problems for the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the leaseholders have a dispute with the managing agents you will wish to know about it

My 20yr old son is about to join the property ladder, the home loan was agreed last week in principle. When the seller agreed the offer on the apartment we rang the bank to go forward with his. I was shocked to discover that mortgage companies do not accept all property lawyer, they must be on their panel, is this legal?

Lenders normally imposes restrictions either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Newton Ferrers solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.