Me and my partner are buying a 2 bedroom flat in Shacklewell with a mortgage. We wish to retain our Shacklewell lawyer, however the bank says he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or keep our Shacklewell solicitor and pay for one of their panel firms to act for them. This feels very unfair; are we not able to demand that the lender use our Shacklewell conveyancing practitioner ?
Unfortunately,no. Your mortgage offer 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. A further alternative is for your Shacklewell conveyancing solicitor to apply to be on the conveyancing panel.
My partner and I are approaching an exchange on a property in Shacklewell and my mum and dad have sent the 10% deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my lender. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancer is obliged to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
My wife and I own a semi-detached Victorian property in Shacklewell. Conveyancing lawyer represented me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the exact same property. Is it worth asking National Westminster Bank to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Shacklewell and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with the conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Shacklewell differ for new build properties?
Most buyers of new build or newly converted property in Shacklewell contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Shacklewell usually acquire 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 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 Shacklewell or who has acted in the same development.
I decided to have a survey carried out on a house in Shacklewell ahead of retaining lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some mortgage companies will refuse to give a loan on this type of premises.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Shacklewell. Conveyancing may be slightly more expensive based on your lender's requirements.