Should our conveyancer be asking questions about flooding during the conveyancing in Kesgrave.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Kesgrave. There are those who acquire a house in Kesgrave, completely aware that at some time, it may be flooded. 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 sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a various searches that may be undertaken by the purchaser or by their conveyancers which should give them a better appreciation of the risks in Kesgrave. The standard information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to find out whether the premises has ever been flooded. In the event that the property has been flooded in past which is not disclosed by the vendor, then a purchaser could bring a legal claim for losses as a result of such an incorrect reply. A purchaser’s conveyancers will also carry out an environmental report. This should indicate whether there is a recorded flood risk. If so, additional inquiries will need to be carried out.
I have todayfound out that Stirling Law have closed. They carried out my conveyancing in Kesgrave for a purchase of a freehold house 10 months ago. How can I establish that my home is in my name in the name of the previous owner?
The easiest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kesgrave conveyancing specialists.
How does conveyancing in Kesgrave differ for newly converted properties?
Most buyers of new build or newly converted property in Kesgrave come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Kesgrave tend to 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 property lawyers 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 accustomed to new build conveyancing in Kesgrave or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Kesgrave is where the house is located. Can you shed any light on this issue?
Flying freeholds in Kesgrave are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kesgrave you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kesgrave 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 property.
My 20yr old son is just in the process of moving home, he had his mortgage in principle. When the offer was accepted on flat we telephoned the bank to issue the formal offer. I was disappointed to hear that mortgage lenders do not accept all lawyer, they need to be on their approved list, is this right?
Mortgage Companies normally restrict either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Kesgrave lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.