I was advised yesterday by my IFA that my Westcombe Park property lawyer is not on the bank Solicitor panel. What can I do to check?
The first thing you need to do is to call your Westcombe Park lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel lawyer as I would much rather instruct a specialised conveyancing solicitor in Westcombe Park?
Do check but the the likelihood is that appoint one of their panel solicitors if you take up the "fee-free" offer. Speak to the bank and check if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Westcombe Park.
My bid for a property was accepted at auction in Westcombe Park. Conveyancing is required. What happens now?
Given that you are now for all intents and purposes signed on the dotted line you should appoint a conveyancing practitioner as a matter of priority as you are facing a pending deadline in which to complete the transaction. Every auction property will ordinarily have an associated legal pack. This should include evidence of title and search results. In the case of leasehold premises the auction papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You need to hand this to the lawyer instructed by you ASAP. You also need to ensure that you have funds in order to complete on the date specified in the contract.
My stepmother advised me that in purchasing a property in Westcombe Park there may be a number of restrictions preventing external changes to the property. Is this right?
There are a number of properties in Westcombe Park which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Westcombe Park should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the only beneficiary of my late father’s will and I have everything in my name alone, including the house in Westcombe Park. The Westcombe Park property was put into my name in December. I plan to dispose of the house. I understand that there is a CML six month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the house in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Some lenders would take a practical view as this provision primarily exists to pick up on subsales or the flipping of properties.
How does conveyancing in Westcombe Park differ for new build properties?
Most buyers of new build or newly converted property in Westcombe Park contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Westcombe Park usually 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 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 used to new build conveyancing in Westcombe Park or who has acted in the same development.
The conveyancers conducting our conveyancing in Westcombe Park has forwarded papers to review that state the land is unregistered with epitome documents. How can it be that the property not yet recorded at HMLR?
It is a rare occurrence indeed to find premises in Westcombe Park not to be registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of Westcombe Park conveyancing solicitors should be able to handle this type of conveyancing but if any uncertainty exists the usual guidance these days appears to be for the vendor’s solicitor to register it first and subsequently sell - this will predictably result in a prolonged home move.