When can the exchange of contracts take place for purchase conveyancing in Highnam and am I required to attend the lawyers branch?
Where you are round the corner to one of the conveyancing solicitors in Highnam you are welcome to attend to sign contracts. That being said, the firms we work with offer countrywide coverage for conveyancing and give just as diligent and professional a job for you when dealing with you digitally. The signing of the contract is not the point of no return. A signed contract is necessary for the solicitor to address the formalities when the time is right, which will usually be very 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 Highnam)to be in the office available at the end of the phone to exchange contracts.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Highnam. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then Nationwide will insist on your using a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
Should our conveyancer be making enquiries regarding flooding as part of the conveyancing in Highnam.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Highnam. Plenty of people will buy a house in Highnam, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Highnam. The standard information sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to discover whether the property has suffered from flooding. If flooding has previously occurred and is not revealed by the owner, then a buyer could commence a claim for damages as a result of such an inaccurate response. A purchaser’s conveyancers will also order an environmental search. This should reveal if there is a recorded flood risk. If so, more detailed investigations will need to be conducted.
How does conveyancing in Highnam differ for new build properties?
Most buyers of new build or newly converted property in Highnam come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Highnam typically purchase the site, 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 Highnam or who has acted in the same development.
I have been advised by a few selling agents in Highnam to select a solicitor using your seach tool. What’s the financial inducement for Estate Agents to market your lawyers over and above another?
We refuse to offer any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.