I am considering applying for a Santander mortgage for purchase of a newly converted (under development) in Tilehurst with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander 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 transaction.
It has been 4 months following my purchase conveyancing in Tilehurst completed. I have checked the Land Registry site 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.
How does conveyancing in Tilehurst differ for newly converted properties?
Most buyers of new build residence in Tilehurst come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because builders in Tilehurst tend to 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 property lawyers 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 Tilehurst or who has acted in the same development.
Having had my offer accepted I require leasehold conveyancing in Tilehurst. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and most are in Tilehurst - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Tilehurst Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
What restrictions exist in the Tilehurst Lease? Make sure you enquire if there is anything that is prohibited in the lease. For example it is fairly common in Tilehurst leases that pets are not permitted in in a block in Tilehurst. If you love the propertyin Tilehurst yet your dog can’t move with you then you will be faced difficult decision.
My step-son is about to join the property ladder, the home loan was agreed last week in principle. After the offer was accepted on house we contacted the mortgage institution to move forward with his. We were disappointed to discover that banks do not accept all conveyancing practitioner, they have to be on a list, is this legal?
Lenders ordinarily imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Tilehurst conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.