My partner and I are looking to buy a flat in Netherne and are in fact using a Netherne conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Chelsea Building Society have this evening contacted us to advise us that they have now hit a problem as our Netherne lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is standard 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 Quality Scheme. Your property lawyer should contact your lender 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 and you may continue to use your own Netherne solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
When does exchange of contracts take place for purchase conveyancing in Netherne and am I required to be at the conveyancers office?
If you are near to our conveyancing solicitors in Netherne you are welcome to come in to sign the paperwork. That being said, the firms we work with provide countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you by post or email. The executing of the contract is not the point of no return. A signed contract simply enables the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Netherne)to be in the office at the appropriate time.
Forgive me if this question is silly but I am unseasoned as FTB of a ground floor flat in Netherne. Do I pick up the keys to the premises on the completion date from my conveyancer? If this is the case, I will instruct a High Street conveyancing solicitor in Netherne?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the seller's lawyers, and shortly after the monies have arrived, you should be able to pick up the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
The mortgage over my property is with Skipton for my property in Netherne. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval prior to renting your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel firm.
I am selling my apartment. I had a double glazing fitted in June 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, RBS are being difficult. The Netherne solicitor who is on the RBS conveyancing panel is recommending indemnity insurance as a solution but RBS are insisting on a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Should my conveyancer be raising enquiries about flooding as part of the conveyancing in Netherne.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Netherne. Some people will purchase a property in Netherne, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if 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 as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a number of checks that may be carried out by the purchaser or by their lawyers which will figure out the risks in Netherne. The standard information supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the owner to find out if the property has suffered from flooding. If the premises has been flooded in past which is not revealed by the owner, then a buyer could issue a compensation claim as a result of such an inaccurate response. A purchaser’s solicitors should also conduct an environmental search. This will higlight whether there is a recorded flood risk. If so, additional investigations should be made.
I am looking for a flat up to £195,000 and found one round the corner in Netherne I like with amenity areas and station in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Netherne in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.