I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Custom House with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
There is nothing to stop you using your solicitor, but Aldermore will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
My aunt advised me that in purchasing a property in Custom House there may be a number of restrictions preventing external changes to the property. Is this right?
We are aware of a number of properties in Custom House which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Custom House should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have been advised by my lawyer that breach of easement insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Custom House?
The right level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between Santander and Leeds Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
I am due to exchange contracts on my apartment. I had a double glazing fitted in January 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Nottingham are being problematic. The Custom House solicitor who is on the Nottingham conveyancing panel is recommending indemnity insurance as a solution but Nottingham are insisting on a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Custom House differ for new build properties?
Most buyers of new build residence in Custom House approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Custom House typically purchase 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 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 Custom House or who has acted in the same development.
Do I need to be concerned by 3rd parties that I am dealing with are suggesting a national conveyancing firm as opposed to a High Street Custom House conveyancing firm?
As with many service providers, often referrals from connections can be worth their weight in gold. Nevertheless there are numerous players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all recommend lawyers to instruct. On occasion the lawyers might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You have the right to choose your own lawyer. Don't forget that most banks specify a panel list of law firms you must use for the mortgage aspect of your transaction.
What are my options where I am not happy with the conveyancer who did my conveyancing in Custom House?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that occasionally things do go wrong. However there is recourse where you were not happy with your conveyancing in Custom House. This varies from trying to resolve matters directly with them, through to reporting a conveyancing practitioner to their regulator. If you remain unhappy you may consider getting in touch with the Legal Ombudsman.