We are intending to purchase a 2 bedroom flat in Pevensey Bay with a mortgage. We like our Pevensey Bay conveyancer, however the lender says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or retain our Pevensey Bay conveyancer as well as pay for one of their panel firms to act for them. We regard this is unjust; is there anything we can do?
Unfortunately,no. 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. A further alternative is for your Pevensey Bay conveyancing solicitor to apply to be on the conveyancing panel.
Various internet forums that I have come across warn that are a common reason for delay in Pevensey Bay conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Pevensey Bay.
How does conveyancing in Pevensey Bay differ for new build properties?
Most buyers of new build premises in Pevensey Bay approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Pevensey Bay typically acquire 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 conveyancing solicitors 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 Pevensey Bay or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Pevensey Bay before instructing solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will not give a mortgage on this type of property.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Pevensey Bay. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Pevensey Bay to see if the conveyancing costs will increase in light of this.
I am seeking to acquire a repossessed flat in Pevensey Bay and the bank selling would like to complete inside a week. Can a conveyancer complete in this timeframe? Am I best advised to instruct a local Pevensey Bay firm or an online company that professes to offer speedy conveyancing?
Attend your Pevensey Bay shopping parade. Go in to two or three companies and ask to see a conveyancing solicitor for a quote. Discuss your situation and try and obtain assurances on deadlines. Choose the one that seems most efficient. Be sure to use a lawyer on the list of lawyers who can act for your lender.