Is the fact that my conveyancer in Pevensey Bay is not listed on my bank's conveyancing panel that there is a problem with the quality of the firm’s work?
That is most likely a wrong assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Pevensey Bay conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
Our lawyer has identified a a problem with the lease for the property we are buying in Pevensey Bay. The other side have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender provisions have to be complied with.
This question may be naive but I am new to the process as a 1st time buyer of a ground floor flat in Pevensey Bay. Do I pick up the keys to the house on the completion date from my conveyancer? If so, I will appoint a High Street conveyancing solicitor in Pevensey Bay?
On the day of completion you will not be required to attend the conveyancers office in Pevensey Bay. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s solicitors, and once they have received this, you will be called to pick up the keys from the property Agents and move into your new home. This tends to happen early afternoon.
We expect to receive a OIP from Santander this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Pevensey Bay solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Pevensey Bay solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Pevensey Bay solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Pevensey Bay postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Pevensey Bay.
How does conveyancing in Pevensey Bay differ for new build properties?
Most buyers of new build or newly converted property in Pevensey Bay contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Pevensey Bay typically acquire the land, 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 Pevensey Bay or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Pevensey Bay I like with a park and transport links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Pevensey Bay for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the shortness of the lease may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Do I need to be wary by brokers that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Pevensey Bay conveyancing firm?
As with many professional services, often referrals from relatives can be extremely useful or valuable. But there are many players in a conveyancing deal; estate agents, financial adviser and banks might all put forward lawyers to instruct. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there might be a financial incentive behind the endorsement. You have the right to appoint your own conveyancer. You need to be aware that the majority of lenders specify a panel list of conveyancers you have to use for the lender aspect of your transaction.