My wife and I are looking to purchase a home in Lynmouth and have appointed a Lynmouth conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this morning contacted us to advise us that there is now an issue as our Lynmouth lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance 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 solicitor should contact your mortgage company 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Lynmouth lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Is it possible for conveyancing in Lynmouth to be concluded in 10 days?
In a situation where the seller is applying pressure to exchange it is highly recommended that your lawyer is familiar with the area as they will benefit local relationships and intelligence. It is even conceivable that they could have handled previoushouses in the same street. Therefore consider using a Lynmouth conveyancing solicitor. In addition, check that the lawyer is on the member panel. It is estimated that just under twenty per cent of Lynmouth conveyancing transactions are delayed or jeopardised after finding out that a purchaser’s lawyer was not on their banks panel. In many cases this discovery resulted in the conveyancing being delayed by as much as three weeks. It is estimated that this issue impacts in the region of 100,000 home sales annually. Most Lynmouth conveyancing practices can not represent certain lenders so do check at the outset.
Will my lawyer be asking questions concerning flooding during the conveyancing in Lynmouth.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Lynmouth. There are those who acquire a property in Lynmouth, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, but there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Lynmouth. The standard property information forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to determine whether the premises has ever been flooded. If flooding has previously occurred which is not notified by the vendor, then a purchaser could commence a legal claim for losses stemming from an incorrect answer. A buyer’s lawyers may also carry out an environmental search. This will disclose if there is any known flood risk. If so, more detailed investigations should be conducted.
I have todaydiscovered that Arc property Solicitors have been shut down. They conducted my conveyancing in Lynmouth for a purchase of a leasehold flat 18 months ago. How can I check that my home is in my name in the name of the previous owner?
The easiest way to see if the premises is in your name, you can make 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 Lynmouth conveyancing specialists.
Given that I will soon spend over three hundred thousand on a garden flat in Lynmouth I would like to have a conversation with the solicitor concerning thetransaction before appointing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be conducting your property ownership legalities in Lynmouth.There is no ‘factory style conveyancing’ - each client is an important person, not a matter reference. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Lynmouth should be the figure that you end up paying.