We are hoping to buy a 3 bedroom apartment in Virginia Water with a mortgage. We would like to retain our Virginia Water conveyancer, however the lender says he's not on their "panel". It appears that we have little choice but to use one of the bank panel conveyancing practices or keep our Virginia Water conveyancing practitioner and pay for one of their panel ones to represent them. We feel that this is inequitable; are we not able to demand that the mortgage company use our Virginia Water property lawyer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Virginia Water conveyancing solicitor to apply to be on the conveyancing panel.
All was ready to move into my new home in Virginia Water next Monday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Virginia Water.
When can the exchange of contracts take place for purchase conveyancing in Virginia Water and do I need to be at the solicitors branch?
If you are local to our conveyancing solicitors in Virginia Water you are welcome to come in to sign contracts. That being said, the lender approved solicitors we work with provide countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you electronically. The signing of the contract is not when everything is set in stone. A signed contract is necessary for the firm to officially exchange at the appropriate time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Virginia Water)to be in the office at the appropriate time.
I have justbecome aware that Arc property Solicitors have been shut down. They carried out my conveyancing in Virginia Water for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is not still registered in the name of the former proprietor?
The quickest way to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Virginia Water conveyancing specialists.
Am I best advised to appoint a Virginia Water conveyancing solicitor in close proximity to the house I am hoping to buy? An old friend can carry out the legal formalities but they are based 300miles away.
The benefit of a high street Virginia Water conveyancing firm is that you can pop in to sign documents, hand in your ID and apply pressure on them where appropriate. Having local Virginia Water know how is a benefit. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and they were happy that should trump using an unfamiliar Virginia Water conveyancing lawyer just because they are round the corner.