I am progressing with the sale of my apartment in Southend On Sea and the estate agent has just called to warn that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. Why would a major mortgage company only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Southend On Sea ?
Lenders have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
Last July we completed a house move in Southend On Sea. We have noticed several problems with the property which we consider were overlooked in the conveyancing searches. Do we have any recourse? Can you clarify the nature of searches that should have been ordered as part of conveyancing in Southend On Sea?
It is not clear from the question as to the nature of the problems and if they are relate to conveyancing in Southend On Sea. Conveyancing searches and investigations undertaken during the buying process are carried out to help avoid problems. As part of the legal transfer of property, a property owner completes a questionnaire referred to as a Seller’s Property Information Form. answers turns out to be incorrect, then you may have a claim against the vendor 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 Southend On Sea.
Will our conveyancer be raising questions regarding flooding during the conveyancing in Southend On Sea.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Southend On Sea. There are those who acquire a property in Southend On Sea, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a various searches that may be undertaken by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Southend On Sea. The conventional set of information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to discover whether the premises has ever been flooded. In the event that flooding has previously occurred which is not notified by the owner, then a purchaser could issue a legal claim for losses as a result of such an misleading response. A purchaser’s solicitors should also commission an enviro report. This should disclose if there is a recorded flood risk. If so, additional investigations will need to be made.
2 months have elapsed following my purchase conveyancing in Southend On Sea took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 asset 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 have been on the look out for a flat up to £245,000 and found one near me in Southend On Sea I like with amenity areas and railway links nearby, however it only has 49 remaining years left on the lease. There is not much else in Southend On Sea suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor 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 existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I am one month into a freehold purchase having been directed to a firm by the high street agent to execute conveyancing in Southend On Sea. We are not happy. Could you help me find new lawyers?
They would have to be very bad in order to consider diss instructing them. Has the loan offer been issued? If so you will need to advise them of the replacement lawyer and ensure the offer are re-sent. Your conveyancer should be on the mortgage company panel to avoid added charges and complications. So that should be your first question of the new lawyers. Our search tool will help you find a bank approved conveyancer for your conveyancing in Southend On Sea