My husband and I are purchasing a 3 bedroom apartment in Penge with a mortgage. We like our Penge solicitor, but the bank says he's not on their "panel". It appears that we have little choice but to appoint one of the mortgage company panel firms or retain our Penge property lawyer as well as pay for one of their panel firms to act for them. We consider that this is unjust; is there anything we can do?
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 Penge conveyancing lawyer to apply to be on the conveyancing panel.
IfI were to buy a freehold propertyin Penge for cash and dispense with a survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Penge?
The only saving you would achieve is the disbursement for searches. Your lawyer is required to do the vast majority of work - money laundering, liaising with your sellers property lawyer, SDLT submission, register the property etc. A marginal saving might be made by not having to register a charge however it won't be significant.
we are a couple who are buying a purpose built apartment in Penge with a homeloan from Barnsley Building Society.We have a Penge conveyancing lawyer but Barnsley Building Society informed us his firm is not on their "panel". we are left little option but to use a Barnsley Building Society panel lawyer or keep our local solicitor and pay for a Barnsley Building Society panel lawyer to act for them. This seems very unfair; Can we not simply insist that Barnsley Building Society use our lawyer?
Unfortunately,no. The mortgage issued to you contains various provisions, one of which will be that conveyancers will be on the Barnsley Building Society approved list. Until recently, most mortgage companies 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Barnsley Building Society
I need to instruct a conveyancing solicitor for some conveyancing in Penge. I happened to discover a web site which appears to be the perfect answer If it is possible to get all the legals completed via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I dont have enough spare money to pay a 10% deposit on my house purchase in Penge , but I still want to go ahead. What can I do?
You can accept a lesser deposit. Many vendors will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment