I am acquiring a leasehold flat in Priorslee. My lawyer is not listed on the mortgage company solicitor panel. Am I still permitted to retain my Priorslee conveyancing solicitor notwithstanding that they are excluded from the bank approved list?
Your options include
- Carry on with your preferred Priorslee property lawyer but your bank will undoubtedly instruct a conveyancer from their approved list. The net result is additional fees together with potential interruption.
- Choose a new property lawyer to conduct the conveyancing, ensuring that they are on the bank conveyancing panel.
- Convince your conveyancer to seek to join the mortgage company panel
What happens if my solicitor is suspended from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in Priorslee?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Due to the input of my in-laws I had a survey completed on a house in Priorslee in advance of instructing solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some banks will not give a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. If you e-mail us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Priorslee. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm refinancing my current house to a BTL loan with Accord Mortgages Ltd and I will use the ballance of the raised equity towards another property. The location we are looking at is Priorslee. Will your conveyancers be able to act for both sets of mortgage companies and link together the transactions?
Make use of our search tool on this site to be sure that the conveyancers are approved by both mortgage companies. Assuming that they are your solicitor should be able to simultaneously deal with the two transactions but you should talk with you lawyer and make apparent your expectations and needs.
Can you offer any advice when it comes to choosing a Priorslee conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Priorslee conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Priorslee conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
How many lease extensions have they conducted in Priorslee in the last year?
Priorslee Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
The best form of lease arrangement is a share of the freehold. In this arrangement the leaseholders enjoy control and although a managing agent is frequently employed if the building is larger than a house conversion, the managing agent retained by the leaseholders. Is anyone aware of any major works on the horizon that will increase the maintenance costs? Does the lease have onerous restrictions?