My wife and I are buying property in Hampton Wick. My Conveyancer is not listed on the bank conveyancing panel. Am I still permitted to retain my Hampton Wick conveyancing solicitor even though they are not on the bank panel of approved conveyancing solicitors?
You will need to appoint a lawyer to complete the legal work required if you need a mortgage to buy your home. The conveyancer will carry out all the relevant investigations on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. One may select a Hampton Wick solicitor of your choice. However, where the lawyer selected is not on the bank conveyancing panel additional charges will arise as separate legal representation will be need by the mortgage company. Conveyancing panel applications may be submitted, so where your solicitor has not in the past sought membership they should take the opportunity to apply.
IfI was to buy a freehold homein Hampton Wick mortgage fee and dispense with a survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Hampton Wick?
Any savings you would gain would be limited to the Hampton Wick conveyancing searches. A conveyancer still be obliged to do everything else - money laundering, correspond with the vendors lawyer, SDLT submission, register the ownership etc. You might save a bit for them not needing to register a mortgage but it won't be meaningful.
We see that you have a post code search directory listing law firms on the Virgin Money conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Hampton Wick?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hampton Wick.
Should my lawyer be raising questions about flooding during the conveyancing in Hampton Wick.
Flooding is a growing risk for conveyancers carrying out conveyancing in Hampton Wick. There are those who buy a property in Hampton Wick, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Hampton Wick. The conventional set of information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to determine if the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer could issue a claim for damages stemming from an misleading answer. The purchaser’s lawyers will also order an environmental search. This should indicate if there is a recorded flood risk. If so, further inquiries will need to be initiated.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Hampton Wick I like with open areas and transport links in the vicinity, however it only has 61 years on the lease. There is not much else in Hampton Wick for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan that many years may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I have miscalculated my finances and am a few thousand pounds short a 10% deposit on my house purchase in Hampton Wick , but I still want to go ahead. What can I do?
One option is to try and accept a smaller deposit. Most vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment