My husband and I wish to acquire a newly converted flat in Irlam with a mortgage from Godiva Mortgages Ltd.We have a Irlam conveyancing practitioner but Godiva Mortgages Ltd informed us his firm is not on their "panel". we are left little option but to use a Godiva Mortgages Ltd panel firm or keep our preferred solicitor and fork out for a Godiva Mortgages Ltd panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The loan offered to you is subject to its various provisions, a common one being that lawyers will be on the Godiva Mortgages Ltd approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Godiva Mortgages Ltd
Will my solicitor be raising enquiries regarding flooding as part of the conveyancing in Irlam.
Flooding is a growing risk for solicitors specialising in conveyancing in Irlam. Plenty of people will purchase a house in Irlam, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a number of checks that can be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Irlam. The standard property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to discover whether the property has ever been flooded. If flooding has previously occurred which is not revealed by the vendor, then a purchaser may commence a legal claim for losses stemming from an inaccurate reply. The buyer’s solicitors may also conduct an enviro report. This will higlight whether there is any known flood risk. If so, more detailed inquiries will need to be carried out.
It has been three months following my purchase conveyancing in Irlam concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Irlam differ for new build properties?
Most buyers of new build premises in Irlam approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Irlam usually 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 Irlam or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Irlam is where the house is located. What do you suggest?
Flying freeholds in Irlam are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Irlam you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Irlam may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.