I am acquiring a newly constructed flat in Kingstanding and my lawyer is telling me that she is duty bound to the lender to reveal incentives from the builder. I am under pressure to exchange contracts and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My wife and I are purchasing a flat in Kingstanding. It might be a silly question but how we can trust a conveyancer? At some point we will need to put our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am due to move home in September. Does my conveyancing solicitor call the removal company on the day of completion. On a separate note, can you recommend a removal company in Kingstanding. Conveyancing firm was found before I stumbled across your page.
On the afternoon of completion you will need to collect the house keys from your estate agent however this can only take place when the previous owners lawyers inform the agent that the monies to complete are in and the keys can be collected. You will need to tell the removal company that you are ready to move in. We are not in a position to recommend a specific removal organisation but can assist you in finding a residential property solicitor in Kingstanding or a legal practice that specialises in conveyancing in Kingstanding.
I was told two weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Kingstanding is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should our solicitor be raising questions about flooding as part of the conveyancing in Kingstanding.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Kingstanding. There are those who acquire a house in Kingstanding, completely aware 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, suitable insurance cover, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a various checks that can be undertaken by the buyer or by their lawyers which will figure out the risks in Kingstanding. The standard completed inquiry forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the seller to determine if the premises has ever been flooded. If the property has been flooded in past and is not revealed by the vendor, then a purchaser could commence a claim for damages as a result of such an misleading reply. The buyer’s solicitors will also conduct an environmental report. This should disclose whether there is a recorded flood risk. If so, more detailed inquiries should be carried out.
How does conveyancing in Kingstanding differ for newly converted properties?
Most buyers of new build premises in Kingstanding contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Kingstanding tend to acquire 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 conveyancing solicitors 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 Kingstanding or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Kingstanding is the location of the property. Can you offer any guidance?
Flying freeholds in Kingstanding are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kingstanding you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kingstanding 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.