We are planning to buy a 2 bedroom apartment in Dunston with a mortgage. We wish to retain our Dunston lawyer, but the lender says she’s not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Dunston conveyancing practitioner as well as pay for one of their panel ones to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer 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. Another option that might be available is for your Dunston conveyancing lawyer to apply to be on the conveyancing panel.
We have rather assertive vendors who has insisted on a preliminary contract with a down payment of 5k. Is it wise to enter into such agreements?
Exclusivity agreements are agreements binding a property vendor and prospective acquirer giving the buyer exclusive rights to the sale of the premises within an agreed time frame. For all intents and purposes, an exclusivity is a document stating that you should have a contract at a later time being the main conveyancing contract. It tends to be used for buyer protection though in many situations, the proprietor may stand to benefit from such agreements as well. There are many positives and negatives to using an agreement but you should to check with your solicitor but beware that it may result in costing you more in conveyancing charges. In light of these reasons these agreements are unusual when it comes to conveyancing in Dunston.
How does conveyancing in Dunston differ for newly converted properties?
Most buyers of new build premises in Dunston come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Dunston tend to buy the real estate, 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 conveyancing solicitors 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 Dunston or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Dunston is the location of the property. Can you offer any assistance?
Flying freeholds in Dunston are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Dunston you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dunston may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to instruct a conveyancing solicitor for freehold conveyancing in Dunston. I've discover a web site which seems to have the ideal solution If it is possible to get all this stuff completed via phone that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?