Unfortunately I am unable to travel far from Houghton Regis. Is there a reason why all Houghton Regis property lawyers are not on all bank panels?
A decade ago most lenders demonstrated an attitude to risk which differs from the current day. The FSA in 2010 carried out a thematic review into mortgage fraud which in summary warned lenders: know the conveyancing practitioners on your panel. Accordingly, mortgage companies have subsequently looked to extract more data from law firms concerning their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum volume of transactions the mortgage companies required.
It is a dozen years since I acquired my house in Houghton Regis. Conveyancing solicitors have now been instructed on the sale but I can't find my deeds. Is this a major issue?
You need not be too concerned. First there is a possibility that the deeds will be retained by your mortgage company or they may be in the possession of the solicitor who handled your purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Nearly all conveyancing in Houghton Regis relates to registered property but in the rare situation where your property is not registered it is more tricky but is not insurmountable.
Should our solicitor be raising questions regarding flooding during the conveyancing in Houghton Regis.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Houghton Regis. Plenty of people will purchase a house in Houghton Regis, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell 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, but there are a various searches that may be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Houghton Regis. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to find out whether the property has historically flooded. If flooding has previously occurred which is not revealed by the seller, then a buyer may bring a legal claim for losses resulting from an misleading reply. The purchaser’s conveyancers should also conduct an enviro report. This will reveal whether there is a recorded flood risk. If so, more detailed investigations will need to be made.
How does conveyancing in Houghton Regis differ for new build properties?
Most buyers of new build premises in Houghton Regis come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Houghton Regis typically acquire the site, 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 Houghton Regis or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Houghton Regis is the location of the property. Is there any advice you can give?
Flying freeholds in Houghton Regis are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Houghton Regis you would need to get your solicitor to go 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 Houghton Regis 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.
My husband and I are first time buyers - had an offer accepted, yet the agent has warned us that the seller will only move forward if we instruct the agent's recommended lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer who is accustomed to conveyancing in Houghton Regis
We suspect that the owner is unaware of this request. Should the seller require ‘a quick sale', taking such a hostile approach to a motivated buyer is not the way to achieve this. Contact the vendors directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you will continue to appoint your preferred Houghton Regis conveyancing lawyers - not the ones that will earn the negotiator at the agency a introducer fee or hit his conveyancing figures set by head office.