My wife and I are planning to acquire a home in Stratford and have instructed a Stratford conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Santander have this afternoon contacted us to inform me that there is now an issue as our Stratford lawyer is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' lawyers 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 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 lender’s conveyancing panel and you may continue to use your own Stratford 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.
What can a local search inform me about the property we're purchasing in Stratford?
Stratford conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance Searchflow The local search plays an important role in many a Stratford conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
How does conveyancing in Stratford differ for newly converted properties?
Most buyers of new build residence in Stratford contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Stratford usually buy 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 Stratford or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, chain free conveyancing. Stratford is the location of the property. Can you shed any light on this issue?
Flying freeholds in Stratford are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stratford you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stratford may decide 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 premises.
Why is New Build conveyancing in Stratford more expensive?
Purchasing a brand new home is completely different from the normal house buying conveyancing in Stratford. For a start developers normally require contracts to exchange very quickly, so there is a lot of pressure on your conveyancer to ensure everything is in order. Furthermore new build properties frequently necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage company requirements are also more detailed. Due to the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.