Me and my partner are intending to purchase a 3 bedroom flat in Paignton with a mortgage. We wish to retain our Paignton lawyer, but the bank advise she’s not on their "panel". It appears that we have little choice but to appoint one of the lender panel solicitors or retain our Paignton property lawyer and pay for one of their panel lawyers to represent them. We regard this is unjust; can we not insist that the bank use our Paignton solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Paignton conveyancing solicitor to apply to be on the conveyancing panel.
Why do I have to pay up front for conveyancing in Paignton?
If you are buying a property in Paignton your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the purchase price then this should be needed immediately in advance of exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
My lawyer in Paignton is not on the Chelsea Building Society Solicitor Panel. Is it possible for me to continue with my family solicitor even though they are not on the Chelsea Building Society list of approved lawyers?
Your options are as follows:
- Complete the purchase with your existing Paignton solicitors but Chelsea Building Society will need to instruct a conveyancer on their list of acceptable firms. This will result in additional overall conveyancing fees and result in frustration.
- Find an alternative solicitor to act in the conveyancing, not forgetting to check they are on the Chelsea Building Society panel
I have been on the look out for a flat up to £195,000 and found one close by in Paignton I like with a park and railway links in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Paignton suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
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At this site receive an accurate quote from a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Paignton. Unlike many estate agents and brokerage sites we do not operate referral arrangements with solicitors. Some agents and online brokers 'recommend' the firm that pays the highest kickback, as opposed to the best value conveyancing in Paignton