My husband and I are hoping to buy a house in Old Ford and have appointed a Old Ford conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Godiva Mortgages Ltd have this morning contacted us to inform me that there is now an issue as our Old Ford conveyancer is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is conventional for the purchasers' solicitors to also act for 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 Accreditation Scheme. Your solicitor should contact your mortgage company 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Old Ford lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My husband and I are acquiring a new build flat in Old Ford and my conveyancer is informing me that she has to the mortgage company to disclose incentives from the builder. I am on a tight deadline to exchange contracts and I have no desire to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will my conveyancer be raising enquiries about flooding as part of the conveyancing in Old Ford.
Flooding is a growing risk for solicitors conducting conveyancing in Old Ford. There are those who buy a house in Old Ford, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if 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 as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a number of checks that may be initiated by the purchaser or by their lawyers which will give them a better appreciation of the risks in Old Ford. The conventional set of information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to find out whether the property has historically flooded. If the property has been flooded in past which is not notified by the vendor, then a purchaser could bring a claim for damages stemming from an inaccurate reply. A buyer’s conveyancers should also carry out an enviro report. This will disclose whether there is any known flood risk. If so, additional investigations should be carried out.
five months have elapsed following my purchase conveyancing in Old Ford completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey done on a house in Old Ford ahead of instructing conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders will not grant a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Old Ford. Conveyancing will be smoother if you use a solicitor in Old Ford especially if they are acquainted with such properties in Old Ford.
I am using a search engine for the term on line conveyancing in Old Ford it reveals numerous conveyancersin the area. With so much choice what is the best way to find the suitable property lawyer for purchase transaction?
The preferential method of finding a suitable conveyancer is via trusted referral, so enquire of friends and those you trust who have acquired a property in Old Ford or a local estate agent or financial adviser. Charges for conveyancing in Old Ford vary, so it's sensible to obtain at least three fee calculations from different property lawyers. Be sure to obtain confirmation that the costs are guaranteed not to escalate.