Me and my fiance are purchasing a 3 bedroom apartment in Rowley Regis with a mortgage. We have a Rowley Regis solicitor, however the lender advise he's not on their "panel". We have to appoint one of the bank panel solicitors or keep our Rowley Regis lawyer as well as pay for one of their panel lawyers to act for them. This seems very unfair; 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 bank’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 Rowley Regis conveyancing lawyer to apply to be on the conveyancing panel.
My husband and I changing mortgage lender for our apartment in Rowley Regis with Co-operative. We have a son approaching twenty who lives at home. Our solicitor requested us to identify 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 Co-operative conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
On the face of it your lawyer has done nothing wrong 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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.
How does conveyancing in Rowley Regis differ for newly converted properties?
Most buyers of new build premises in Rowley Regis come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Rowley Regis tend to purchase the land, 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 Rowley Regis or who has acted in the same development.
I'm refinancing my current house to a buy to let mortgage with Nationwide Building Society and I will use the ballance of the raised equity as a deposit on a second property. The location we are talking about is Rowley Regis. Will your solicitors be able to act for both sets of lenders and tie in the conveyances?
Make use of our search tool on this site to ensure that the lawyers are on the relevant lender panels. On the basis that they are the lawyer will be able to simultaneously deal with the two conveyancing matters but you should talk with you lawyer and communicate your desired outcome and requirements.
Me and my partner are planning to purchase a 2 bedroom maisonettein Rowley Regis with a residential mortgage from a mortgage company. We have a solicitor in Rowley Regis but our mortgage company says she’s not listed on their "panel". We have to appoint from the our lender panel firms or stay with our Rowley Regis conveyancer and pay for one of their panel ones to represent our mortgage company. This seems very unfair; Can we not simply insist that our lender use our Rowley Regis lawyer?
Unfortunately,no. The lender home loan offered to you is subject to conditions, one of which will be that lawyers will on the bank's conveyancing panel. Until recently, most lenders had open panels, including most conveyancing solicitors in Rowley Regis : 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 solicitors to apply to be on the conveyancing panel for your bank.