I am considering applying for a RBS mortgage for purchase of a newly converted (under development) in Thorpe St Andrew with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
There is nothing to stop you using your solicitor, but RBS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
How does conveyancing in Thorpe St Andrew differ for new build properties?
Most buyers of new build residence in Thorpe St Andrew contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Thorpe St Andrew typically 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 Thorpe St Andrew or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Thorpe St Andrew ahead of retaining conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some lenders may not issue a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Thorpe St Andrew. Conveyancing will be smoother if you use a solicitor in Thorpe St Andrew especially if they regularly deal with such properties in Thorpe St Andrew.
I'm refinancing my primary property to a buy to let mortgage with The Mortgage Works and intend to use the remaining equity as a down payment on another house. The area we are looking at is Thorpe St Andrew. Will your conveyancers be able to act for both sets of banks and link together the conveyances?
Make use of our comparison tool on this page to check that the solicitors are approved by both lenders. Having checked that they are the lawyer should be able to connect the two conveyancing matters but you should talk with you lawyer and make apparent your desired outcome and requirements.
Our lawyer in Thorpe St Andrew has discovered a defect with the lease for the apartment we are buying in Thorpe St Andrew. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Thorpe St Andrew conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. These conveyancing instructions must be adhered to by the bank conveyancing panel who has to balance acting for you and the bank