I am considering applying for a Lloyds mortgage for purchase of a new build (under development) in Morden with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds 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 conveyancing matter.
A colleague suggested that if I am purchasing in Morden I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Morden conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Morden around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Morden Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Morden.
How does conveyancing in Morden differ for new build properties?
Most buyers of new build property in Morden approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Morden usually acquire 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 Morden or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Morden is the location of the property. Can you offer any opinion?
Flying freeholds in Morden are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Morden you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Morden 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 premises.
My cousin has suggested that I appoint his conveyancing solicitors in Morden. Should I use them?
Much as we are happy to recommend a Morden conveyancing lawyer it’s preferable to choose a conveyancing solicitor is to seek guidance from friends or family who have previously instructed the solicitor you're contemplating using.