we are a couple who are hoping to buy a newbuild apartment in Willingham with a loan from The Mortgage Works.We like our Willingham conveyancing solicitor but The Mortgage Works says he's not listed on their "panel". we are left little option but to use a The Mortgage Works panel lawyer or retain our local solicitor and pay for a The Mortgage Works panel lawyer to represent them. This seems very unfair; Can we not simply insist that The Mortgage Works use our lawyer?
Unfortunately,no. The loan issued to you contains terms and conditions, one of which will be that conveyancers will be on the The Mortgage Works approved list. in the past, most mortgage companies had large numbers of solicitors 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for The Mortgage Works
We are buying a flat in Willingham. It might be a silly question but how we can trust a solicitor? On completion day we have to send money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Willingham conveyancer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
Intending to buy a maisonette in Willingham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB 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 Willingham conveyancer is on the TSB conveyancing panel.
Should my conveyancer be raising questions concerning flooding during the conveyancing in Willingham.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Willingham. There are those who buy a property in Willingham, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a number of searches that may be undertaken by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Willingham. The conventional set of property information forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the owner to find out whether the property has suffered from flooding. If flooding has previously occurred which is not revealed by the vendor, then a buyer may bring a claim for damages stemming from an inaccurate response. A buyer’s conveyancers should also conduct an environmental search. This should disclose if there is any known flood risk. If so, further investigations should be initiated.
It has been three months since my purchase conveyancing in Willingham concluded. I have checked the Land Registry website which shows that I paid £175,000 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 premises 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.
About to purchase a new build flat in Willingham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Willingham
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.