I am not in a position to travel far from Tilehurst. What is the rationale as to why all Tilehurst property lawyers are not on all mortgage company panels?
Mortgage Companies normally impose restrictions on either the type or volume of conveyancing practices on their panel. A common example of such restriction(s) being that the organisation must have two or more partners. As well as restricting the type of firm, some banks for instance HSBC made a decision to restrict the size of their panel they use to represent them. It is worth noting that building societies have no responsibility for the accuracy of advice supplied by any Tilehurst solicitor on their panel. Increases in mortgage fraud was the main trigger for the reduction of solicitor panels a few years ago even though there are differing points of view concerning the extent of solicitor involvement in some of that fraud. Data via HM Land Registry indicates that thousands of conveyancing practices only carry out less than three conveyances annually. Those vindicating conveyancing panel consolidation ask why conveyancing firms deserve the right to be listed on a bank panel when it is evident that property law is not their primary expertise?
My husband and I are buying a newly built apartment in Tilehurst and my solicitor is telling me that she is duty bound to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to exchange and I have no desire to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How does conveyancing in Tilehurst differ for newly converted properties?
Most buyers of new build property in Tilehurst approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Tilehurst typically acquire the real estate, 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 conveyancers 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 used to new build conveyancing in Tilehurst or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Tilehurst is the location of the property. Can you shed any light on this issue?
Flying freeholds in Tilehurst are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Tilehurst you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tilehurst may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is it best to appoint a Tilehurst conveyancing lawyer who is local to the property I am hoping to buy? I have an old university friend who can conduct the legal work however her office is approximately 350kilometers drive away.
The benefit of a high street Tilehurst conveyancing firm is that you can drop in to sign paperwork, hand in your ID and pester them where appropriate. They will also have local knowledge which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were happy that must outweigh using an unfamiliar Tilehurst conveyancing solicitor just because they are based in the area.
I am just shy of a 10% deposit on my house purchase in Tilehurst , but I am anxious proceed. Do I have options?
One option is to try and agree a lesser deposit. Most property owners will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute