My partner and I are looking to acquire a flat in Hockley and are in fact using a Hockley conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Barnsley Building Society have this evening contacted us to advise us that there is now an issue as our Hockley conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Hockley lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
The Hockley conveyancing solicitors that I recently instructed on my purchase in Hockley have without warning closed. They were on acting for me because I needed a lawyer on the Yorkshire BS conveyancing panel and my preferred Hockley lawyer was not. I sent them a cheque for £250 in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Yorkshire BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
Should my solicitor be asking questions regarding flooding as part of the conveyancing in Hockley.
The risk of flooding is if increasing concern for solicitors dealing with homes in Hockley. Plenty of people will buy a property in Hockley, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a various checks that can be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Hockley. The conventional set of information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out if the property has ever been flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a buyer could commence a legal claim for losses stemming from an incorrect response. A purchaser’s lawyers may also order an enviro search. This will reveal if there is a recorded flood risk. If so, more detailed investigations should be made.
Just bought a semi-detached house in Hockley , What is the estimated time for the Land Registry to register my proprietorship? My Hockley conveyancing solicitor has been painfully slow, so I want to be sure that my purchase is recorded.
There is nothing unique when it comes to conveyancing in Hockley registration formalities. Rather than based on location, timescales can differ depending on the party submitting the application, whether there are errors and whether the Land registry communicate with any 3rd parties. At present in the region of three quarters of such applications are completed in less than three weeks but occasionally there can be longer delays. Historically registration is effected once the buyer has moved in to the premises therefore an expedited registration is not usually top priority yet where there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for an expedited registration.
At what point do I cover the costs of stamp duty due for my Hockley property purchase?
Your solicitor should fill out a stamp duty return for you as part of your Hockley purchase transaction for signature. After completion your lawyer will submit your Land Transaction Return Form to the Tax Authorities and - as long as they have the funds - settle any tax bill payable on your behalf.