My husband and I are looking to acquire a property in Hayling Island and are in fact using a Hayling Island conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Santander have this morning contacted us to inform me that there is now an issue as our Hayling Island solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Hayling Island solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My partner and I are acquiring our first property. Our property lawyer has texted usto enquire if we want to order extra conveyancing searches. We are really unsure what's relevant for conveyancing in Hayling Island
The range of Hayling Island conveyancing searches depends entirely on the premises, the location, the probability of any of these risks, your knowledge of the region and risks, your overall attitude to risk. What matters is that you properly appreciate what information the searches could give you. Then you can decide if you personally think you need that information. If uncertain, ask the lawyer to provide guidance.
A friend suggested that where I am purchasing in Hayling Island I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Hayling Island conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Hayling Island around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Hayling Island Education with plans and statistics, Local Amenities and other useful data concerning Hayling Island.
I am purchasing my first flat in Hayling Island with the aid of help to buy. The sellers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not inform my solicitor about the extras as it could affect my mortgage with Barclays . Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, chain free conveyancing. Hayling Island is the location of the property. What do you suggest?
Flying freeholds in Hayling Island are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hayling Island 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 Hayling Island may decide 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.
Am I right to be wary about third parties that I am dealing with are recommending a national conveyancing firm rather than a local Hayling Island conveyancing company?
As is the case with many professional services, often input from relatives can be extremely useful or valuable. Yet there are numerous parties with a keen interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies may suggest lawyers to appoint. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there might be a commercial relationship behind the recommendation. You have the right to select your preferred conveyancer. Don't forget that the majority of lenders operate an approved list of solicitors you must use for the mortgage related work in your transaction.