My fiance and I wish to acquire a newbuild flat in Otford with a homeloan from Nottingham Building Society.We use our Otford conveyancing solicitor but Nottingham Building Society advised that her practice is not on their "panel". we are left little option but to use a Nottingham Building Society panel lawyer or keep our preferred solicitor and fork out for a Nottingham Building Society panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Nottingham Building Society use our lawyer?
No, not really. The mortgage issued to you contains terms and conditions, a common one being that conveyancers needs to be on the Nottingham Building Society approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could find 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 lawyer to apply to be on the conveyancing panel for Nottingham Building Society
I am close to exchanging contracts on the sale of our property in Otford and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used a national conveyancing outfit rather than a conveyancing solicitor in Otford. Having lived in Otford for many years we know that this is a non issue. Do we get in touch with our local Authority to seek clarification that there is no issue.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
How does conveyancing in Otford differ for newly converted properties?
Most buyers of new build premises in Otford come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Otford usually buy 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 conveyancers 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 Otford or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Otford is where the house is located. What do you suggest?
Flying freeholds in Otford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Otford you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Otford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Am I better off to instruct a Otford conveyancing solicitor who is local to the property I am purchasing? We have a good friend who can conduct the conveyancing however her office is a couple of hundredmiles away.
The primary upside of using a local Otford conveyancing practice is that you can attend the office to execute documents, deliver your ID and apply pressure on them where appropriate. Having local Otford know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and on the whole were content that must outweigh using an unfamiliar Otford conveyancing lawyer solely due to them being Otford based.