My fiance and I are looking to buy a flat in Sidmouth and have instructed a Sidmouth conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Leeds Building Society have this morning contacted us to inform me that there is now an issue as our Sidmouth conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is standard for the purchasers' lawyers to also act for 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 Quality 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Sidmouth solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am buying a property without a mortgage in Sidmouth. I have resided for the last 15 years in Sidmouth. Conveyancing searches are exorbitant. As I have knowledge of the area and road very well must I have all the conveyancing searches?
In the absence of a mortgage, then the vast majority of the Sidmouth conveyancing searches are at your discretion. Your lawyer will 'advise', no-doubt strongly, that you should have searches completed, but she has a professional duty to take that path of advice. Do take into account; if you are intend to dispose of the house one day, it will likely be be of relevance to your future purchaser what the searches contain. Sometimes premises with functional issues can still show up adverse search results. A good conveyancing solicitor in Sidmouth will provide you some practical guidance in this regard.
Will commercial conveyancing searches disclose planned roadworks that may impact a commercial property in Sidmouth?
Its becoming the norm that commercial conveyancing solicitors in Sidmouth will order a SiteSolutions Highways report as it reduces the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Sidmouth. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Sidmouth.
For each commercial conveyancing transaction in Sidmouth it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Sidmouth commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for residential conveyancing in Sidmouth.
Due to the input of my in-laws I had a survey completed on a house in Sidmouth prior to retaining conveyancers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some lenders tend not issue a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sidmouth. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to find a conveyancing solicitor for remortgage conveyancing in Sidmouth. I happened to stumble across a site which seems to have the perfect answer If there is a chance to get all this stuff completed via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?