My fiance and I are looking to acquire a house in Ascot and have instructed a Ascot conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Santander have this evening contacted us to inform me that they have now hit a problem as our Ascot lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Ascot lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am planning to acquire a house and need a conveyancing solicitor in Ascot who is on the Bank of Scotland solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Scotland in certain locations such as Ascot. We dont recommend any particular firm.
Should my conveyancer be making enquiries concerning flooding as part of the conveyancing in Ascot.
Flooding is a growing risk for solicitors dealing with homes in Ascot. There are those who purchase a property in Ascot, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a number of checks that may be undertaken by the buyer or by their solicitors which should give them a better understanding of the risks in Ascot. The conventional set of information sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to discover whether the premises has suffered from flooding. If flooding has previously occurred and is not notified by the vendor, then a purchaser may commence a compensation claim resulting from an inaccurate reply. The purchaser’s lawyers should also conduct an enviro search. This should disclose if there is a recorded flood risk. If so, additional inquiries will need to be initiated.
How does conveyancing in Ascot differ for new build properties?
Most buyers of new build or newly converted property in Ascot contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Ascot tend to buy 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 Ascot or who has acted in the same development.
I am on look out for some leasehold conveyancing in Ascot. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Ascot - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Ascot Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
-
What is the name of the managing agents? Be sure to find out if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in in a block in Ascot. If you like the flatin Ascot but your dog can’t move with you then you have a very difficult choice.
At what point do I cover the costs of stamp duty chargeable for my purchase in Ascot?
The majority of solicitors tend to fill out a Land Transaction Return Form on your behalf during your Ascot conveyancing transaction for you to sign. On completion your conveyancer will submit your Land Transaction application to the Tax Authorities and - as long as they have the money - settle any Stamp Duty due for you.