We are purchasing a 3 bedroom apartment in Balsall Heath with a mortgage. We like our Balsall Heath solicitor, but the mortgage company says he's not on their "panel". It appears that we have little choice but to instruct one of the mortgage company panel firms or keep our Balsall Heath lawyer and pay for one of their panel lawyers to represent them. We consider that this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Balsall Heath conveyancing lawyer to apply to be on the conveyancing panel.
I am only a couple days away from an exchange on a house in Balsall Heath and my parents have transferred the 10% deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The solicitor is duty bound to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Is there a reason why leasehold purchase conveyancing in Balsall Heath costs more?
The conveyancing fees for a leasehold premises in Balsall Heath is inevitably greater than on a freehold residence. This is because there is an amount of supplemental time required in corresponding with the freeholder and managing agents to obtain information about whether the rent and service charges have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Balsall Heath is the location of the property. What do you suggest?
Flying freeholds in Balsall Heath are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Balsall Heath you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Balsall Heath may determine 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 residence.
How difficult is it to transfer to a new conveyancer as I need to find one who is on the Halifax conveyancing panel. I instructed a local conveyancing solicitor in Balsall Heath five minutes from me but he is not accepted by Halifax
It would be our pleasure to assist you select a conveyancing solicitor in Balsall Heath on the Halifax panel. Please note that the property lawyers that we list do not pay us commission if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in Balsall Heath. In making use of the find a conveyancing solicitor tool on this site, you can compare fees for conveyancing solicitors in Balsall Heath and throughout England and Wales.