We are buying a 1 bedroom apartment in Yarmouth with a mortgage. We have a Yarmouth lawyer, however the bank advise she’s not on their "panel". It seems we have no choice but to select one of the mortgage company panel conveyancing practices or keep our Yarmouth conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. Another option that might be available is for your Yarmouth conveyancing solicitor to apply to be on the conveyancing panel.
I have been told that property searches are the main cause of stalling in Yarmouth house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to be the root cause of slowing down conveyancing in Yarmouth.
three months have gone by since my purchase conveyancing in Yarmouth took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Yarmouth differ for new build properties?
Most buyers of new build residence in Yarmouth approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Yarmouth usually buy the real estate, 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 Yarmouth or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and identified one near me in Yarmouth I like with a park and railway links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Yarmouth in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.