Me and my partner are planning to buy a 1 bedroom flat in Fernhill Heath with a mortgage. We have a Fernhill Heath lawyer, but the bank says he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or retain our Fernhill Heath solicitor and pay for one of their panel firms to represent them. We regard this is inequitable; 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 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 Fernhill Heath conveyancing solicitor to apply to be on the conveyancing panel.
The vendors of the home we are looking to purchase have instructed a conveyancing solicitor in Fernhill Heath who has suggested a preliminary contract with a down payment 10k. Is it wise to enter into such agreements?
There are a couple of primary drawbacks with signing a lock out agreement (occasionally referred to as a shut-out contract) is that it can distract from progressing with the conveyancing process, so unless it requires limited or no negotiation then it may turn out to be unhelpful. It is not strongly advocated amongst Fernhill Heath conveyancing practitioners for this reason. The other main negative is the extent of the remedies available - a jilted buyer is very unlikely to secure an injunction to prohibit the vendor disposing of the property to another buyer, so the only remedy available under the contract will be the recovery of wasted charges and, in restricted situations, the extra payment of damages.
I had a mortgage agreed in principle with RBS. Fernhill Heath conveyancing practitioners were appointed. What is the average time that one could expect to receive a mortgage offer from RBS?
There is no definitive answer here. Have RBS conducted the valuation? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I was told two weeks ago that my mortgage has been agreed to by HSBC. Is it usual for HSBC to only issue the offer once my solicitor in Fernhill Heath is approved on their conveyancing panel? HSBC have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
Clydesdale have agreed my mortgage in principle, my bid on a apartment in Fernhill Heath has been agreed to, what are the next steps?
Your property agent will want to be informed of your conveyancing practitioner's details (ensure that the property lawyers are on the bank’s panel). Contact Clydesdale or your financial adviser and finish off any appropriate paperwork. Clydesdale will appoint a valuer who will get in touch with the estate agent or vendor to arrange a time for the valuation to happen. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Clydesdale will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Fernhill Heath.
How does conveyancing in Fernhill Heath differ for newly converted properties?
Most buyers of new build or newly converted property in Fernhill Heath come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because developers in Fernhill Heath tend to purchase the land, 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 Fernhill Heath or who has acted in the same development.
I opted to have a survey done on a house in Fernhill Heath in advance of instructing lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks tend not give a loan on this type of home.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you contact us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Fernhill Heath. Conveyancing will be smoother if you use a solicitor in Fernhill Heath especially if they are familiar with such properties in Fernhill Heath.