is it true that all Lincolnshire solicitors on the Kent Reliance conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel and in that case the practice would be regulated by the CLC.
I had an offer accepted on a property in Lincolnshire on 23/2/2024, valuation was booked 4 days later, all came back fine. Solicitor retained, so the only thing outstanding was my mortgage offer. Having made daily calls to TSB and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the TSB conveyancing panel. Can the lender hold off the offer?
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 TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
Kent Reliance have agreed my mortgage in principle, my bid on a property in Lincolnshire has been agreed to, now what?
Your property agent will want to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Contact Kent Reliance or the financial adviser and complete any appropriate paperwork. Kent Reliance will instruct a valuer who will get in touch with the estate agent or vendor to arrange a time for the valuation to take place. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Kent Reliance will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Lincolnshire.
Should my solicitor be raising questions concerning flooding as part of the conveyancing in Lincolnshire.
Flooding is a growing risk for solicitors conducting conveyancing in Lincolnshire. There are those who acquire a property in Lincolnshire, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a various checks that may be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Lincolnshire. The standard completed inquiry forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to find out whether the property has historically flooded. If the property has been flooded in past and is not revealed by the seller, then a buyer may commence a compensation claim stemming from an misleading reply. The buyer’s conveyancers will also carry out an environmental report. This should disclose whether there is any known flood risk. If so, additional inquiries will need to be made.
How does conveyancing in Lincolnshire differ for new build properties?
Most buyers of new build or newly converted property in Lincolnshire approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Lincolnshire 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 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 accustomed to new build conveyancing in Lincolnshire or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Lincolnshire I like with a park and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Lincolnshire in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Do I need to be wary by brokers that I am dealing with are suggesting an online conveyancing firm rather than a High Street Lincolnshire conveyancing company?
As is the case with many service providers, often referrals from relatives can be extremely useful or valuable. Nevertheless there are many people with a keen interest in a conveyancing transaction; estate agents, financial adviser and lenders might all recommend conveyancers to retain. On occasion the lawyers might be known to one of the organisations as being good in their field, but sometimes there might be a commercial relationship behind the endorsement. You are free to appoint your own lawyer. Don't forget that many banks operate an approved list of lawyers you must use for the lender aspect of your conveyancing.