My fiance and I are looking to purchase a home in Overton and are in fact using a Overton conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Aldermore have this morning contacted us to advise us that there is now an issue as our Overton conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property needing a mortgage it is normal for the purchasers' lawyers 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 Quality Scheme. Your solicitor 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Overton lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Last January we completed a house move in Overton. We have since encountered a number of issues with the house which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been ordered as part of conveyancing in Overton?
The question is vague as what problems have arisen and if they are specific to conveyancing in Overton. Conveyancing searches and due diligence initiated as part of the buying process are carried out to help avoid problems. As part of the process, a property owner answers a form referred to as a Seller’s Property Information Form. If the information ends up being incorrect, 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 Overton.
Should conveyancers ask for money up-front when it comes to conveyancing in Overton?
If you are buying a property in Overton your solicitor will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the total price then this should be required shortly ahead of contracts are exchanged. The closing balance that is due should be sent to your lawyer a couple of days ahead of the day of completion.
About to purchase a new build flat in Overton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Overton
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants.
I was advised by numerous selling agents in Overton to find a property lawyer on your site. Is there a financial incentive for Estate Agents to offer your services over and above alternative conveyancing organisations?
We refuse to offer any financial incentive for directing people in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I acquired a property in Overton last 23/2/2024 and to date it is still not recorded with HMLR. It was part of a development site and my conveyancing practitioner told me that it can take 12 months to complete the registration formalities. I have called HM Land Registry directly and they have informed me the initial application was cancelled due to questions not being addressed in time. Should I be concerned?
It is your solicitor that you must contact in order to satisfy any questions which have been raised as part of the registration process for your Overton property. Normal Overton conveyancing practice includes an undertaking on the part of the seller's conveyancer that they will help resolve any registration raised by HMLR so it may be a case of seeking to enforce that undertaking if necessary.