My brother and I have lately bought a property in Acton. We have noticed several problems with the house which we suspect were omitted in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been ordered for conveyancing in Acton?
It is not clear from the question as what problems have arisen and if they are unique to conveyancing in Acton. Conveyancing searches and investigations undertaken during the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, the vendor answers a document referred to as a SPIF. answers turns out to be incorrect, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Acton.
Why is leasehold purchase conveyancing in Acton is more expensive?
The conveyancing costs on a leasehold property in Acton is frequently greater when contrasted to a freehold acquisition or disposal. This is due to the additional time necessary in dealing with the freeholder and managing agents to obtain information about whether the rent and maintenance charges have been paid and whether there are any major works due in the near future on repairs or maintenance of the block.
My husband and I are purchasing a newly converted apartment in Acton with a mortgage from Clydesdale.We like our Acton conveyancing solicitor but Clydesdale advised that his firm is not listed on their "panel". It seems we are left with little choice but to instruct a Clydesdale panel lawyer or retain our preferred solicitor and fork out for a Clydesdale panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The home loan issued to you contains various provisions, a common one being that lawyers will be on the Clydesdale conveyancing panel. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Clydesdale
Have just purchased a repossessed house at auction in Acton. Conveyancing is necessary. What is next?
Now that you have legally committed yourself to purchase you will need to retain a conveyancing solicitor soon as you now have a pending a fixed date to complete the conveyancing. All auction property will have a bespoke auction set of papers. This will likely include evidence of title and search results. If you have purchased leasehold premises the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You should give this to the conveyancer working for you ASAP. You also need to ensure that that you have the requisite funding in place to complete on the date specified in the contract.
I currently have a mortgage with Barclays for my property in Acton. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
You must advise Barclays in advance of renting your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel firm.
Bank of Ireland have agreed my home loan in principle, my offer on a property in Acton has been accepted, what happens next?
Your estate agent will need to know who your solicitors are (ensure that the property lawyers are on the lender’s approved list). Call up Bank of Ireland or your financial adviser and finalise any relevant paperwork. Bank of Ireland will appoint a valuer who will get in contact with the estate agent or owners to arrange a slot for the valuation to take place. Once conducted (assuming no problems) it takes on average ten days to receive the mortgage offer. Bank of Ireland will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Acton.
Various web forums that I have come across warn that are the number one cause of obstruction in Acton house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings 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 Acton.
I'm converting the mortgage on my existing house to a BTL loan with Birmingham Midshires and intend to use the remaining equity as a deposit on further property. The area we are interested in is Acton. Will your conveyancers be able to act for the two banks and tie in the two deals?
Make use of our search tool on this site to ensure that the lawyers are on the relevant lender panels. Having checked that they are the lawyer should be able to connect the two deals but you should talk with you lawyer and communicate your desired outcome and needs.