I have just been advised by my estate agent that my Verwood lawyer is not on the mortgage company Solicitor panel. How can I check?
Your first step should be to contact your Verwood lawyer directly. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
Please help. My Verwood conveyancer is assuring me that he is legally obliged toapply for Verwood conveyancing searches becausethe firm are on the HSBCsolicitor panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a mortgage with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Verwood conveyancing searches.
How does conveyancing in Verwood differ for new build properties?
Most buyers of new build premises in Verwood contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Verwood tend to acquire the site, 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 used to new build conveyancing in Verwood or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Verwood I like with amenity areas and transport links in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Verwood in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Our conveyancer in Verwood has discovered a a legal deficiency with the lease for the apartment we are purchasing in Verwood. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Verwood conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. The appropriate lender requirements have to be complied with by the lender conveyancing panel who has to balance acting for you and the lender