I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Summertown with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
My lawyer has informed me that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Summertown?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and Skipton Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
Intending to buy a maisonette in Summertown. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Summertown property lawyer is on the Bank of Ireland conveyancing panel.
I was told two weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Summertown is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
three months have gone by since my purchase conveyancing in Summertown concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Summertown I like with open areas and station in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Summertown in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Do I need to be suspicious that estate agents that I am dealing with are recommending a web based conveyancing firm rather than a High Street Summertown conveyancing practice?
As is the case with many professional services, often input from relatives can be very helpful. Nevertheless there are lots of people with a keen interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies may recommend lawyers to choose. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the recommendation. You have the right to select your preferred lawyer. Don't forget that many lenders have an approved list of law firms you have to use for the mortgage related work in your house move.