My fiance and I are hoping to acquire a flat in Budleigh Salterton and are in fact using a Budleigh Salterton conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Santander have this afternoon contacted us to inform me that they have now hit a problem as our Budleigh Salterton lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also represent the purchaser's lender. 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 mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Budleigh Salterton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Last October we completed a house move in Budleigh Salterton. We have since encountered a number of problems with the house which we suspect were missed in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that should have been carried out as part of conveyancing in Budleigh Salterton?
It is not clear from the question as to the nature of the problems and if they are specific to conveyancing in Budleigh Salterton. Conveyancing searches and investigations undertaken during the buying process are supposed to help avoid problems. As part of the process, a property owner completes a form referred to as a SPIF. If the information is misleading, you may have a misrepresentation claim 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 Budleigh Salterton.
It is a dozen years since I bought my house in Budleigh Salterton. Conveyancing solicitors have now been retained on the sale but I am unable to locate my title deeds. Will this jeopardise the sale?
Don’t worry too much. First the deeds may be kept by the mortgage company or they may be archived with the conveyancers who acted in the purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Almost all conveyancing in Budleigh Salterton relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
How does conveyancing in Budleigh Salterton differ for new build properties?
Most buyers of new build or newly converted property in Budleigh Salterton come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Budleigh Salterton typically acquire the land, 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 accustomed to new build conveyancing in Budleigh Salterton or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Budleigh Salterton is the location of the property. Is there any advice you can impart?
Flying freeholds in Budleigh Salterton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Budleigh Salterton you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Budleigh Salterton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in Budleigh Salterton and how can your lawyers assist?
The 1954 Act provides protection to business tenants, granting the legal entitlement to apply to court for a renewal lease and continue in occupation when the lease comes to an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in Budleigh Salterton