My husband and I are looking to acquire a house in Consett and are in fact using a Consett conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Leeds Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Consett solicitor is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Consett lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Should my conveyancer be raising questions regarding flooding as part of the conveyancing in Consett.
Flooding is a growing risk for lawyers conducting conveyancing in Consett. Some people will purchase a property in Consett, completely expectant that at some time, it may suffer from flooding. 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 insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a number of checks that can be undertaken by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Consett. The conventional set of information sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to determine if the premises has historically flooded. If flooding has previously occurred which is not notified by the vendor, then a purchaser could issue a legal claim for losses resulting from an incorrect answer. The purchaser’s solicitors may also commission an enviro search. This will disclose if there is a recorded flood risk. If so, additional investigations should be made.
I need to find a conveyancing solicitor for leasehold conveyancing in Consett. I have land on a web site which looks to be the ideal answer If there is a chance to get all this stuff done via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Having had my offer accepted I require leasehold conveyancing in Consett. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Consett - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Consett Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
Does the lease have in excess of 80 years unexpired? If a Consett lease has no more than eighty years it will affect the salability of the property. Check with your bank that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease at some point and it is worth finding out what this will be. Remember, in most cases you would be required to have owned the premises for a couple of years before you are eligible to extend the lease. Make sure you discover if there is anything that is prohibited in the lease. By way of example it is reasonably common in Consett leases that pets are not permitted in certain buildings in Consett. If you like the apartmentin Consett yet your cat is not allowed to make the move with you then you will be presented with a hard compromise.
Builders have put forward a lawyer and I've sought a quote from them. It's nearly £400 less expensive than my preferred Consett conveyancer. Should I use them?
Builders frequently have lists of lawyers who expedite matters and who know the developer’s paperwork and lawyer. As many developers offer an inducement to select a preferred lawyer for this reason, any increased fees can be avoided and a developer won't recommend a conveyancing warehouse and run the risk of having the conveyancing delayed when they want exchange within a tight time frame. The argument for not opting for the recommended conveyancing practitioner is that they may prove reluctant to 'push' your interests for fear of upsetting the developer. If you worry that this may be the situation you should remain with your high street Consett solicitor.