Is it the case that all Waterlooville solicitors on the Virgin Money conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Virgin Money conveyancing panel they would need to be regulated by the SRA. The majority of lenders do list licenced conveyancers on their panel in which case such firms would be overseen by the CLC.
My partner and I have organised the release of further funds on our home loan from RBS as we intend to carry out renovations to our property in Waterlooville. Are we obliged to appoint a high street Waterlooville solicitor on the RBS conveyancing panel to deal with the legals?
RBS do not ordinarily require a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS conveyancing panel.
The mortgage over my property is with UBS for my property in Waterlooville. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform UBS?
Your original mortgage agreement with UBS will provide that you need their approval in advance of renting your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. You need not do this via a UBS conveyancing panel lawyer.
Will my lawyer be raising questions about flooding during the conveyancing in Waterlooville.
Flooding is a growing risk for solicitors dealing with homes in Waterlooville. There are those who acquire a property in Waterlooville, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of checks that can be carried out by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Waterlooville. The conventional set of completed inquiry forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to find out if the property has ever been flooded. If the premises has been flooded in past and is not revealed by the seller, then a purchaser could bring a compensation claim stemming from an inaccurate reply. The purchaser’s solicitors may also conduct an enviro report. This should higlight if there is a recorded flood risk. If so, more detailed inquiries should be initiated.
How does conveyancing in Waterlooville differ for newly converted properties?
Most buyers of new build property in Waterlooville contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because builders in Waterlooville 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 used to new build conveyancing in Waterlooville or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Waterlooville I like with a park and station in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Waterlooville in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan that many years will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
What does commercial conveyancing in Waterlooville cover?
Waterlooville conveyancing for business premises incorporates a broad range of advice, offered by regulated solicitors, relating to business premises. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
My work colleague mentioned that before choosing a conveyancing solicitors they need approved by your mortgage company. I am new to the process but I have an offer in principle with Birmingham Midhshires and I already have a high street conveyancing lawyer in Waterlooville lined up. Will HSBC require an approved conveyancer to be selected? If so, where do I find that list for my conveyancing in Waterlooville?
You need to instruct a solicitor that is on the HSBC panel. The first thing to do is telephone your chosen Waterlooville conveyancing solicitor to check if they are on the HSBC panel. If they are not on the panel you have a couple of choices available to you here:
- Carry on with your chosen Waterlooville lawyer but HSBC will undoubtedly retain a conveyancer from their approved list. The net impact is additional fees and likely frustration.
- Choose a fresh conveyancing practitioner to act in the purchase, obviously checking they are on the HSBC conveyancing panel.
- Appeal to your lawyer to attempt to join the mortgage company panel.