I have just been advised by my IFA that my Stroud lawyer is not on the mortgage company Solicitor panel. What can I do to be certain if this is indeed the case?
The first thing you need to do is to contact your Stroud conveyancer. It is reasonable to expect your lawyer to inform you of the situation. Where they are not on the panel they may be able to suggest a Stroud conveyancing firm that is on the approved list of lawyers for your lender.
Should our conveyancer be raising enquiries concerning flooding as part of the conveyancing in Stroud.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Stroud. There are those who acquire a house in Stroud, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, but there are a various checks that can be undertaken by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Stroud. The conventional set of property information forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to discover if the property has ever been flooded. If the property has been flooded in past and is not notified by the owner, then a buyer may issue a claim for damages as a result of such an incorrect reply. A buyer’s lawyers should also order an environmental report. This will disclose if there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
How does conveyancing in Stroud differ for newly converted properties?
Most buyers of new build residence in Stroud come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because developers in Stroud usually acquire the site, 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 property lawyers 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 Stroud or who has acted in the same development.
I opted to have a survey done on a property in Stroud in advance of appointing lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders may refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you contact us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Stroud. Conveyancing will be smoother if you use a solicitor in Stroud especially if they are accustomed to such properties in Stroud.
My husband and I are 17 days into a residential purchase having been directed to conveyancers by the selling agent to perform conveyancing in Stroud. We are not happy. Could you help me find new lawyers?
A solicitor would have to be very bad to suggest changing them. Has the loan offer been sent? If so you need to inform them of the new contact details and ensure the mortgage documents are re-sent. Your conveyancer should be on the mortgage company panel to avoid supplemental charges and complications. So that should be your starting point. The search tool will help you find a lender approved conveyancer for your home move in Stroud
My partner and I soon to exchange on the purchase a property in Stroud but as a consequence of wreckage from the recent storms I have agreed compensation from the owner of £2k by way of a adjustment in the price. This was going to be dealt with as part of the conveyancing process yet my bank will not permit this. Should they have been informed?
Any conveyancing practitioner that is on the bank approved list is required to disclose to the bank of any variations to the purchase figure. In the event that you prohibit your property lawyer to disclose the price change to your bank then they would have no choice but to disinstructing themselves from representing you and the bank.