My wife and I are planning to buy a 1 bedroom apartment in Newton Aycliffe with a mortgage. We have a Newton Aycliffe solicitor, however the mortgage company says he's not on their "panel". We have to appoint one of the mortgage company panel firms or retain our Newton Aycliffe conveyancing practitioner and pay for one of their panel ones to represent them. We feel that this is inequitable; can we not demand that the lender use our Newton Aycliffe solicitor ?
Unfortunately,no. The mortgage offered to you 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 Newton Aycliffe conveyancing solicitor to apply to be on the conveyancing panel.
I am considering applying for a Yorkshire BS mortgage for purchase of a newly converted (under development) in Newton Aycliffe with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Yorkshire BS ?
In theory, you could use a solicitor that is not on the Yorkshire BS conveyancing panel, but Yorkshire BS 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 transaction.
My relative recommended that where I am buying in Newton Aycliffe I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Newton Aycliffe conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Newton Aycliffe around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Newton Aycliffe Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Newton Aycliffe Education with plans and statistics, Local Amenities and other useful data concerning Newton Aycliffe.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a simple, no chain conveyancing. Newton Aycliffe is the location of the property. What do you suggest?
Flying freeholds in Newton Aycliffe are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Newton Aycliffe you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newton Aycliffe 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 residence.
Do I need to be wary by 3rd parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a High Street Newton Aycliffe conveyancing practice?
As with lots of service providers, often recommendations from connections can be most helpful. But there are numerous players in a conveyancing transaction; estate agents, financial adviser and lenders might all put forward conveyancers to retain. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there exists a commercial relationship behind the recommendation. You are free to choose your own conveyancer. However, bear in mind that many banks have an approved list of lawyers you must use for the lender aspect of your home move.