Me and my partner are intending to purchase a 3 bedroom apartment in Dorset with a mortgage. We have a Dorset lawyer, but the lender says she’s not on their "panel". It seems we have little option but to select one of the mortgage company panel solicitors or retain our Dorset as well as pay for one of their panel firms to act for them. We feel that this is inequitable; can we not demand that the lender use our Dorset ?
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 Dorset conveyancing lawyer to apply to be on the conveyancing panel.
Can you explain why leasehold purchase conveyancing in Dorset costs more?
Dorset leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am selling my apartment in Dorset. Will my need to be required to be on the conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
I acquired my home on 11 March and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Dorset said it will be concluded in less than a month. Are properties in Dorset uniquely lengthy to register?
As far as conveyancing in Dorset is concerned, registration is no faster or slower than the rest of England and Wales. Rather than based on location, timeframes can differ depending on who lodges the application, whether there are errors and if the Land registry communicate with any 3rd parties. At present roughly three quarters of such applications are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Historically registration takes place after the buyer has moved in to the property so 'speed' is not typically top priority but where it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, no chain conveyancing. Dorset is where the house is located. Can you shed any light on this issue?
Flying freeholds in Dorset are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Dorset you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dorset may decide 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 property.