Me and my fiance are hoping to purchase a 2 bedroom apartment in Weymouth with a mortgage. We have a Weymouth conveyancer, however the mortgage company advise she’s not on their "panel". It appears that we have no choice but to appoint one of the mortgage company panel solicitors or keep our Weymouth conveyancing practitioner and pay for one of their panel lawyers to act for them. We consider that this is inequitable; can we not insist that the lender use our Weymouth conveyancer ?
No, not really. 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. Another option that might be available is for your Weymouth conveyancing solicitor to apply to be on the conveyancing panel.
Are the Weymouth conveyancing solicitors identified as being on the Nationwide conveyancing panel, together with their details provided by Nationwide?
Weymouth conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
Just bought a terraced house in Weymouth , how long will it take for the Land Registry to record my title? My Weymouth conveyancing solicitor has been very slow, so I want to be certain the post completion formalities are addressed.
There is nothing unique when it comes to conveyancing in Weymouth registration formalities. As opposed to being determined by geographic area, timeframes can differ subject to who lodges the application, whether there are errors and if the Land registry must send notices to any third persons or bodies. Currently in the region of 80% of submission are fully dealt with in less than three weeks but some can be subject to longer hold-ups. Registration is effected once the buyer is living at the property so 'speed' is not usually primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor should speak with the land registry and explain the circumstances.
How does conveyancing in Weymouth differ for new build properties?
Most buyers of new build property in Weymouth contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Weymouth usually buy 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 property lawyers 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 Weymouth or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one close by in Weymouth I like with open areas and station nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Weymouth for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage that many years may be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.