My partner and I are buying an apartment in Polesworth. My lawyer has never been on on the lender conveyancing list. Am I still permitted to appoint my Polesworth conveyancing solicitor even though they are excluded from the lender approved list?
You have a number of options open to you here
- Proceed with your chosen Polesworth conveyancing practitioner but your bank will no doubt instruct a lawyer from their approved panel. This will result in additional fees and likely frustration.
- Choose a new property lawyer to conduct the conveyancing, making sure they are on the mortgage company conveyancing panel.
- Convince your lawyer to attempt to join the bank panel
My Polesworth solicitor has spotted a difference between the assumptions in the valuation report and what is in the legal papers for the property. My lawyer says that he is duty bound to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
How does conveyancing in Polesworth differ for newly converted properties?
Most buyers of new build or newly converted property in Polesworth contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Polesworth tend to 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 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 Polesworth or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Polesworth I like with amenity areas and station nearby, however it's only got 51 years unexpired on the lease. There is not much else in Polesworth in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
Is it possible to swap firm as I have to find a firm on the The Mortgage Works conveyancing panel. I had appointed a high street conveyancing solicitor in Polesworth five minutes from me but the firm is not accepted by The Mortgage Works
It would be our pleasure to help you select a conveyancing solicitor in Polesworth on the The Mortgage Works panel. Please note that the property lawyers that we work with do not pay us a referral fee if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in Polesworth. In utilising the find a conveyancing solicitor tool on this website, you can contrast fees for conveyancing solicitors in Polesworth and throughout England and Wales.