I am considering mortgaging my home in West Moors, does my lawyer have to be on the HSBC Solicitor panel?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I have decided to exercise my right to buy my property in West Moors off the council. I have a mortgage agreed with Nottingham. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local West Moors bank branch on numerous occasions and was advised it wasn't an issue and they will lend. My West Moors conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancer has to comply with the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
My offer was accepted on a house in West Moors on 5/6/2019, valuation was booked 2 days after, received a clean bill of health. Conveyancer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to UBS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the UBS conveyancing panel. Are UBS entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will my conveyancer be raising questions regarding flooding during the conveyancing in West Moors.
Flooding is a growing risk for lawyers carrying out conveyancing in West Moors. Some people will acquire a property in West Moors, completely 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, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, but there are a numerous checks that can be undertaken by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in West Moors. The standard property information forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the seller to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser could issue a claim for damages as a result of such an incorrect answer. A purchaser’s conveyancers may also carry out an enviro report. This should indicate whether there is any known flood risk. If so, additional inquiries will need to be initiated.
Is it simple use your search facility to find a conveyancing practitioner in West Moors on the authorised to act for my mortgage?
1st pick a mortgage company such as Accord Mortgages Ltd, Virgin Money or Alliance & Leicester then specify your location a common one being West Moors. Conveyancing organisations in West Moors and across England and Wales will then be listed.
I have miscalculated my finances and am a couple of thousand pounds short a 10% deposit on my flat purchase in West Moors , but I still want to exchange. Do I have options?
You can accept a lower deposit. Many vendors will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment