We are planning to buy a 3 bedroom apartment in Olney with a mortgage. We have a Olney solicitor, however the mortgage company advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or continue with our Olney property lawyer as well as pay for one of their panel lawyers to act for them. We consider that this is inequitable; can we not demand that the mortgage company use our Olney solicitor ?
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 Olney conveyancing solicitor to apply to be on the conveyancing panel.
I have been recommended a conveyancing solicitor in Olney. I I would like to check if they are on the Virgin Money conveyancing panel. Can you assist?
The first thing to do is call your conveyancer and enquire if they can act for the lender. Otherwise you should get in touch with Virgin Money who may be able to assist.
What can a local search reveal about the property I am purchasing in Olney?
Olney conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for instance Searchflow The local search is essential in every Olney conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search will supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
How does conveyancing in Olney differ for newly converted properties?
Most buyers of new build residence in Olney contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Olney typically 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 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 used to new build conveyancing in Olney or who has acted in the same development.
I'm converting the mortgage on my existing property to a BTL mortgage with Birmingham Midshires and intend to use the remaining equity as a down payment on further house. The neighborhood we are talking about is Olney. Will your lawyers be able to act for both sets of lenders and link together the conveyances?
Make use of our search tool on this page to check that the lawyers are approved by both lenders. On the basis that they are your lawyer should be able to simultaneously deal with the two transactions but you should talk with you conveyancer and specify your desired outcome and requirements.