My husband and I are looking to acquire a property in Hook and are in fact using a Hook conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Birmingham Midshires have this afternoon contacted us to inform me that there is now an issue as our Hook conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also act for 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 Accreditation 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 solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Hook solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are about to complete on the purchase of a house in Hook but as a consequence of wreckage from the recent storms I have managed to agree recompense from the current proprietors of six thousand pounds in the form of a deduction in the price. I had intended this to be dealt with as part of amending the contract yet Bank of Ireland are not allowing this. Why were they informed?
Any conveyancing practitioner being on the Bank of Ireland approved list is duty bound to advise Bank of Ireland of any amendments to the purchase price. If you prohibit your conveyancer to disclose the reduction to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new conveyancing practitioner for your conveyancing in Hook.
My wife and I are purchasing a house in Hook. I might seem paranoid but how we can trust a conveyancer? At some point we have to send funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My fiancee and I are at the point of looking at houses in Hook and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Lloyds.
It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are getting a mortgage with Lloyds, make sure you remember to check that your lawyer is on the Lloyds conveyancing panel.
I was told four weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Hook is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should our conveyancer be raising enquiries regarding flooding during the conveyancing in Hook.
The risk of flooding is if increasing concern for lawyers dealing with homes in Hook. There are those who purchase a property in Hook, fully aware that at some time, it may be flooded. However, leaving to one side 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 property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a number of searches that may be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Hook. The standard information given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to determine if the premises has ever been flooded. If flooding has previously occurred and is not disclosed by the vendor, then a purchaser may commence a legal claim for losses resulting from an misleading reply. A purchaser’s lawyers may also conduct an enviro report. This should reveal whether there is a recorded flood risk. If so, more detailed investigations should be carried out.
I am looking for a flat up to £245,000 and identified one close by in Hook I like with a park and railway links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Hook suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
In scouring the web for the phrase on line conveyancing in Hook it shows results of numerous conveyancersin the area. How do I determine which is the right conveyancer for purchase transaction?
The best way of seeking a suitable conveyancer is via personal testimonial, so ask friends and those you trust who have acquired a property in Hook or a respected estate agent or financial adviser. Charges for conveyancing in Hook differ, so it's a good idea to request a minimum of three fee estimates from varying types of property lawyers. Be sure to obtain confirmation that the costs are assured not to increase.