I can't travel far from Royal Tunbridge Wells. Can you please clarify why all Royal Tunbridge Wells conveyancers aren't included on all mortgage company panels?
Lenders tend to impose restrictions on either the type or volume of conveyancing practices on their panel. A common example of such criteria being that a organisation needs to have two or more partners. In addition to restricting the type of firm, some lenders made a decision to reduce the size of their panel they allow to represent them. It is worth noting that banks have no responsibility for the quality of advice supplied by any Royal Tunbridge Wells conveyancer on their panel. Increases in mortgage fraud was a key driver in the rationalisation of solicitor panels a few years ago notwithstanding that there are conflicting thoughts about whether solicitors sat at the center of that fraud. Data via the Land Registry indicates that thousands of law firms only transact a couple of conveyances a year. Those supporting conveyancing panel consolidation question why law firms deserve any entitlement to be on a lender panel when it is apparent that conveyancing is not their primary expertise?
we are a couple who wish to acquire a newly converted flat in Royal Tunbridge Wells with a mortgage from The Royal Bank of Scotland.We would like to retain our Royal Tunbridge Wells conveyancing practitioner but The Royal Bank of Scotland advised that his firm is not on their "panel". It seems we have no choice but to instruct a The Royal Bank of Scotland panel solicitor or keep our high street solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you is subject to its various provisions, one of which will be that lawyers must be on the The Royal Bank of Scotland solicitor panel. in the past, most mortgage companies 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 lawyer to apply to be on the conveyancing panel for The Royal Bank of Scotland
How does conveyancing in Royal Tunbridge Wells differ for new build properties?
Most buyers of new build property in Royal Tunbridge Wells contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Royal Tunbridge Wells tend to acquire the site, 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 used to new build conveyancing in Royal Tunbridge Wells or who has acted in the same development.
I am looking for a flat up to £245,000 and found one round the corner in Royal Tunbridge Wells I like with open areas and transport links nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Royal Tunbridge Wells suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
Myself and my wife have recently had an offer agreed on a house and had meeting on Wednesday with HSBC for the mortgage. They advised me that when it comes to choosing a conveyancer that if they are not on their approved list of conveyancers then we will be subject to an a further charge of about two hundred pounds. This is because they would then have to instruct a property lawyer to act on their behalf in addition to the one we choose to act for ourselves and we assume responsibility for their invoice. I have asked HSBC to provide me with a list so I can request quotes only from their approved solicitors but was told that I need to check with each individual solicitor to see if they are on the panel. Is their an easier way of going about this?
You should ask HSBC what their panel criteria is for a solicitor.Then ask the lawyer of your choice whether they meet the criteria and have they acted on mortgages for HSBC before. Where the answer to those is yes, then just double check with HSBC. Another option is to make use of our search facility and we may be able to locate a lawyer in Royal Tunbridge Wells on the approved list for HSBC.