My partner and I are purchasing a new build flat in South Acton and my conveyancer is advising me that she is duty bound to the bank to disclose incentives from the seller. The Estate Agents are hassling me to sign contracts and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Should conveyancers ask for money up-front for my conveyancing in South Acton?
If you are buying a property in South Acton your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. Normally this is called for to cover the fees of the Local Authority Search. When the deposit is payable against the total price then this should be needed immediately in advance of contracts are exchanged. The final balance that is needed should be sent to your lawyer a couple of days ahead of the day of completion.
Please explain the implications if my solicitor is removed from the Co-operative Conveyancing panel ahead of completing my conveyancing in South Acton?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have decided to exercise my right to buy my property in South Acton off the council. I have a mortgage offer with Santander. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local South Acton solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own South Acton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Bank of Ireland have agreed my home loan in principle, my bid on a apartment in South Acton has been accepted, what are the next steps?
The estate agent will wish to know who your solicitors are (make sure the solicitors are on the bank’s approved list). Telephone Bank of Ireland or the broker and finish off any outstanding documentation. Bank of Ireland will instruct a valuer who will get in touch with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes approximately ten days to receive the mortgage offer. Bank of Ireland will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in South Acton.
I have justdiscovered that Arc property Solicitors have been shut down. They carried out my conveyancing in South Acton for a purchase of a leasehold flat 10 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The quickest way to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of South Acton conveyancing specialists.
How does conveyancing in South Acton differ for new build properties?
Most buyers of new build property in South Acton contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in South Acton 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 conveyancers 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 South Acton or who has acted in the same development.