When will exchange of contracts take place for domestic conveyancing in Tower Hill and do I need to be at the conveyancers branch?
If you are local to one of the conveyancing solicitors in Tower Hill you are invited in to sign contracts. However, the law practices we recommend offer countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you by post or email. The signing of the contract is not the critical part. A signed contract simply enables the solicitor to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Tower Hill)to be in the office available at the end of the phone to exchange contracts.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would prefer to appoint a Tower Hill based conveyancing firm?
Do check but the chances are that give you one of their panel conveyancers should you want the "fee-free" offer. Speak to the lender to ask if they allow a monetary alternative. Some lenders have previously offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor in Tower Hill.
How does conveyancing in Tower Hill differ for new build properties?
Most buyers of new build or newly converted property in Tower Hill approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Tower Hill typically purchase 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 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 Tower Hill or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Tower Hill is where the house is located. What do you suggest?
Flying freeholds in Tower Hill are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tower Hill you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tower Hill may decide 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.
How do I use your search facility to choose a conveyancing practitioner in Tower Hill on the authorised to act for my mortgage?
Step one is to select a lender such as Santander, Norwich and Peterborough Building Society or Alliance & Leicester then type in your preferred area a common one being Tower Hill. Conveyancing practices in Tower Hill and across England and Wales will then be identified.
Am I best advised to use a Tower Hill conveyancing solicitor who is local to the property I am purchasing? An old friend can handle the legal formalities but they are based 300kilometers away.
The benefit of a local Tower Hill conveyancing firm is that you can drop in to execute paperwork, present your ID and apply pressure on them where appropriate. Having local Tower Hill know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were content that should trump using an unknown Tower Hill conveyancing solicitor just because they are based in the area.