We are hoping to buy a 2 bedroom flat in Southwater with a mortgage. We have a Southwater solicitor, however the bank says he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Southwater solicitor and pay for one of their panel ones to act for 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. A further alternative is for your Southwater conveyancing lawyer to apply to be on the conveyancing panel.
I am about to put an offer on a leasehold flat in Southwater. The estate agents assure me that it is normal for flats in Southwater to have less than 75 years left on the lease. I am getting a loan with Accord Mortgages. Will the property be mortgageable given that the lease has 69 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 29/12/2024 the requirements read as follows :
Is it necessary to pay for insurance to address the risk of chancel repairs when acquiring a residence in Southwater?
Unless a previous acquisition of the house took place after 12 October 2013 you can expect lawyers conducting conveyancing in Southwater to continue to recommend a chancel search and or insurance against a claim.
Due to the advice of my in-laws I had a survey completed on a house in Southwater ahead of instructing conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some lenders may refuse to give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Southwater. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be wary by third parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a High Street Southwater conveyancing practice?
As is the case with lots of service providers, often input from family and friends can be very helpful. But there are many players in a conveyancing transaction; estate agents, mortgage brokers and banks might all put forward solicitors to select. Sometimes these lawyers might be known to one of the organisations as being good in their field, but sometimes there exists a commercial relationship behind the recommendation. You are at liberty to choose your preferred conveyancer. You need to be aware that some mortgage providers specify a panel list of solicitors you are obliged to use for the mortgage aspect of your home move.