We are buying a 2 bedroom flat in Penn with a mortgage. We wish to retain our Penn lawyer, however the lender says she’s not on their "panel". It seems we have no option but to select one of the lender panel solicitors or continue with our Penn conveyancing practitioner as well as pay for one of their panel firms to act for them. This feels very unfair; are we not able to insist that the lender use our Penn property lawyer ?
No, not really. Your mortgage offer 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 Penn conveyancing lawyer to apply to be on the conveyancing panel.
My husband and I swapping mortgage lender for our flat in Penn with Aldermore. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Aldermore conveyancing panel as he never had to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Aldermore conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Aldermore. This is solely used to protect Aldermore if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Aldermore had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Just acquired a detached house in Penn , What is the estimated time for the Land Registry to record my ownership? My Penn conveyancing solicitor works at snail pace, so I want to check the registration formalities are dealt with.
As far as conveyancing in Penn is concerned, registration is no quicker or slower than anywhere else in the country. Rather than based on location, timeframes can adjust according to the party submitting the application, whether there are errors and if the Land registry communicate with any other persons or bodies. At present roughly 80% of submission are fully addressed in less than three weeks but some can be subject to protracted hold-ups. Registration is effected after the purchaser is living at the property therefore an expedited registration is not always primary concern but if there is a degree of urgency associated with the registration then you or your lawyers can speak with the land registry and explain the circumstances.
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Penn I like with a park and station nearby, however it's only got 61 years on the lease. There is not much else in Penn suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I need to retain a conveyancing solicitor for leasehold conveyancing in Penn. I have chance upon a site which looks to be the perfect solution If there is a chance to get all this stuff done via phone that would be ideal. 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?