Am I correct in assuming that the fact that my conveyancer in Sidmouth is not identified on my mortgage company's conveyancing panel that there is a problem with the quality of the firm’s work?
That is most likely a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Sidmouth conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
The Sidmouth conveyancing firm handling our Sidmouth conveyancing has identified a discrepancy when comparing the information in the home valuation report and what is in the legal papers for the property. My lawyer has advised that he needs to ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am buying a flat and need a conveyancing solicitor in Sidmouth who is on the Godiva Mortgages Ltd approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Godiva Mortgages Ltd in certain locations such as Sidmouth. We dont recommend any particular firm.
Should our conveyancer be raising enquiries regarding flooding as part of the conveyancing in Sidmouth.
Flooding is a growing risk for conveyancers dealing with homes in Sidmouth. Some people will buy a house in Sidmouth, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a various searches that may be undertaken by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Sidmouth. The conventional set of property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to find out if the property has ever been flooded. In the event that the property has been flooded in past which is not notified by the seller, then a buyer could bring a legal claim for losses as a result of such an incorrect response. A buyer’s conveyancers will also conduct an enviro search. This should indicate whether there is a recorded flood risk. If so, more detailed inquiries should be carried out.
How does conveyancing in Sidmouth differ for newly converted properties?
Most buyers of new build residence in Sidmouth come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Sidmouth typically 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 property lawyers 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 Sidmouth or who has acted in the same development.