Unfortunately I am unable to travel far from Godstone. Can you please spell out why all Godstone property lawyers are not on all mortgage company panels?
Even though it may seem unfair for mortgage companies to restrict who can represent them, from the public’s or lawyer’s standpoint, the other side of the coin is that lending institutions are increasingly anxious and regard it imperative to shield themselves against mortgage fraud. As a result of this concern mortgage companies have restricted their conveyancing panel to a size that they are happy to control.
I am considering applying for a Leeds Building Society mortgage for purchase of a newly converted (under development) in Godstone with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
In theory, you could use a solicitor that is not on the Leeds Building Society conveyancing panel, but Leeds Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Will my conveyancer be asking questions concerning flooding as part of the conveyancing in Godstone.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Godstone. There are those who purchase a house in Godstone, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. 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 number of checks that may be carried out by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Godstone. The standard information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to discover whether the property has historically flooded. If flooding has previously occurred and is not revealed by the seller, then a buyer may bring a legal claim for losses as a result of such an incorrect answer. A buyer’s solicitors should also conduct an environmental report. This should reveal if there is a recorded flood risk. If so, additional investigations will need to be conducted.
How does conveyancing in Godstone differ for new build properties?
Most buyers of new build or newly converted property in Godstone come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Godstone usually buy 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 Godstone or who has acted in the same development.
My uncle has suggested that I instruct his conveyancing solicitors in Godstone. Should I use them?
No doubt the best way to choose a conveyancing practitioner is to seek guidance from friends or family who have actually used the firm that you are are thinking of instructing.