My wife and I are looking to acquire a home in Ponthir and have instructed a Ponthir conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Ireland have this evening contacted us to inform me that they have now hit a problem as our Ponthir lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. 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 bank 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Ponthir solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
When will exchange of contracts happen for domestic conveyancing in Ponthir and am I required to be at the lawyers office?
Where you are round the corner to one of the conveyancing solicitors in Ponthir you are welcome to come in to sign documents. However, the lender approved solicitors we recommend offer a national conveyancing service and give as equally detailed and professional a job for you when communicating with you digitally. The signing of the sale agreement is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Ponthir)to be in the office at the appropriate time.
Should our solicitor be raising enquiries concerning flooding during the conveyancing in Ponthir.
Flooding is a growing risk for conveyancers dealing with homes in Ponthir. There are those who purchase a property in Ponthir, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a various checks that can be initiated by the purchaser or by their solicitors which should figure out the risks in Ponthir. The standard completed inquiry forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a usual question of the owner to find out if the premises has ever been flooded. If flooding has previously occurred and is not revealed by the vendor, then a purchaser may issue a compensation claim resulting from an incorrect answer. A purchaser’s lawyers will also carry out an environmental report. This should disclose if there is a recorded flood risk. If so, more detailed inquiries will need to be made.
I have recentlybecome aware that Wolstenholmes have closed. They carried out my conveyancing in Ponthir for a purchase of a leasehold apartment 12 months ago. How can I be sure that my home is registered correctly in the name of the previous owner?
The quickest way to check if the premises is registered to you, 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 Ponthir conveyancing specialists.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Ponthir is the location of the property. Is there any guidance you can give?
Flying freeholds in Ponthir are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ponthir you would need to get your solicitor to go 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 Ponthir may determine 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.