Much to our surprise we have been notified by our mortgage broker that my Oval lawyer is not on the bank Solicitor panel. How can I check?
You need to contact your Oval lawyer directly. You lawyer should advise you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
Do the conveyancing solicitors indexed on your site perform right to buy conveyancing in Oval?
We do have a number of conveyancing conveyancers who can service right to buy conveyancing work You should call us with a view to get a costs illustration.
My fiance and I wish to acquire a newly converted apartment in Oval with a residential mortgage from Lloyds TSB Bank.We use our Oval conveyancing practitioner but Lloyds TSB Bank says her practice is not listed on their approved list of firms. It seems we have no choice but to instruct a Lloyds TSB Bank panel lawyer or retain our preferred solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan issued to you is subject to its various provisions, one of which will be that lawyers needs to be on the Lloyds TSB Bank solicitor panel. in the past, most banks 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Lloyds TSB Bank
How does conveyancing in Oval differ for newly converted properties?
Most buyers of new build property in Oval approach 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 Oval usually buy the site, 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 Oval or who has acted in the same development.
I decided to have a survey completed on a property in Oval ahead of instructing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will refuse to issue a mortgage on such a property.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you contact us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Oval. Conveyancing may be slightly more expensive based on your lender's requirements.