Unfortunately I am unable to travel far from Coombe Dingle. Is there a reason why all Coombe Dingle conveyancers are not on all mortgage company panels?
Pre- 2008 most lenders had an approach to risk which is different than today. The FSA in 2010 conducted a thematic review into fraud which in summary warned lenders: know the lawyers on your panel. Consequently, banks have subsequently looked to extract more data from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of volume of transactions the mortgage companies required.
We are due to complete on the purchase of a property in Coombe Dingle but as a consequence of wreckage from the recent storms I have managed to agree reparation from the vendor of £3k taking the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process but Virgin Money will not permit this. Should they have been approached?
Any solicitor that is on the Virgin Money conveyancing panel is obliged to advise Virgin Money of any changes to the purchase price. If you prohibit your property lawyer to disclose the reduction to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new solicitor for your conveyancing in Coombe Dingle.
Do I need to visit the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Coombe Dingle so that I can pop in to their offices if required.
Whereas this was necessary 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to hand over ID documents and there are still distinct advantages to instructing a local practitioner, in your case a conveyancing solicitor in Coombe Dingle.
Should our conveyancer be raising enquiries about flooding during the conveyancing in Coombe Dingle.
Flooding is a growing risk for lawyers dealing with homes in Coombe Dingle. Plenty of people will purchase a property in Coombe Dingle, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a numerous checks that can be undertaken by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Coombe Dingle. The standard completed inquiry forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to find out whether the premises has historically flooded. In the event that the premises has been flooded in past which is not disclosed by the seller, then a buyer could issue a legal claim for losses resulting from an misleading response. The buyer’s lawyers will also conduct an environmental report. This should disclose if there is a recorded flood risk. If so, further investigations should be made.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, chain free conveyancing. Coombe Dingle is where the house is located. Is there any advice you can impart?
Flying freeholds in Coombe Dingle are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Coombe Dingle you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Coombe Dingle 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 premises.
I need to instruct a conveyancing solicitor for sale conveyancing in Coombe Dingle. I happened to chance upon a web site which looks to be the perfect offering If there is a chance to get all this stuff completed via email that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?