Last September we completed a house move in Newent. We have noticed several problems with the house which we suspect were overlooked in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that needed to have been conducted as part of conveyancing in Newent?
It is not clear from the question as to the nature of the problems and if they are specific to conveyancing in Newent. Conveyancing searches and due diligence undertaken during the buying process are carried out to help avoid problems. As part of the legal transfer of property, a property owner fills in a questionnaire known as a Seller’s Property Information Form. answers turns out to be misleading, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Newent.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to use their panel conveyancer as I would prefer to instruct a Newent based conveyancing firm?
You should check but the chances are that give you one of their panel solicitors should you accept the "fee-free" deal. Speak to the mortgage company and check if they offer you a monetary alternative. Some banks have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Newent.
The mortgage over my property is with Nationwide for my property in Newent. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Nationwide must be informed of your intention prior to renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel firm.
I am selling my apartment. I had a double glazing fitted in August 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Bank of Ireland are being a right pain. The Newent solicitor who is on the Bank of Ireland conveyancing panel is saying indemnity insurance will be fine but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
HSBC have agreed my home loan in principle, my bid on a house in Newent has been agreed to, what happens next?
Your estate agent will need to be informed of your property lawyer's details (ensure that the conveyancers are on the lender’s panel). Telephone HSBC or the broker and finish off any outstanding documentation. HSBC will sellect a valuer who will get in touch with the selling agent or vendor to schedule a time for the valuation to take place. Once conducted (assuming no problems) it takes approximately ten days to receive the mortgage offer. HSBC will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Newent.
My colleague recommended that if I am buying in Newent I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Newent conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Newent 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 Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Newent.
How does conveyancing in Newent differ for newly converted properties?
Most buyers of new build residence in Newent approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because developers in Newent typically buy the real estate, 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 conveyancing solicitors 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 Newent or who has acted in the same development.
Is it necessary during the course of the conveyancing process to visit the offices of the lender conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Newent so that I can attend their offices if necessary.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newent.