My partner and I are hoping to acquire a house in Whittlesey and have appointed a Whittlesey conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Santander have this morning contacted us to advise us that there is now an issue as our Whittlesey conveyancer is not on their conveyancing panel. Please explain?
Where you are buying a property requiring a mortgage it is conventional 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 property lawyer should contact your lender 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 Whittlesey solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I just bought a flat at auction in Whittlesey. Conveyancing is required. What happens now?
Given that you are now for in every practical sense signed on the dotted line you must hire the services of a conveyancing solicitor soon as you now have a pending a drop dead date to complete the conveyancing. All auction property will have an associated legal pack. This will include most,if not all of the documents that your lawyer will need. If you have purchased leasehold premises the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You should hand this to the lawyer working for you at the earliest opportunity. Do make sure that that you have the requisite funding organised to complete on the date specified in the contract.
Forgive me if this question is silly but I am new to the home moving as FTB of a ground floor flat in Whittlesey. Do I collect the keys to the property on the completion date from my solicitor? If this is the case, I will find a local conveyancing solicitor in Whittlesey?
On the day of completion you do not need to attend the conveyancers office in Whittlesey. Your solicitors will electronically transfer the completion advance to the owner’s lawyers, and once they have received this, you should be able to pick up the keys from the property Agents and move into your new home. Usually this happens between 1 and 3pm.
Nationwide have agreed my mortgage in principle, my offer on a house in Whittlesey has been accepted, now what?
The property agent will wish to be informed of your solicitor's details (make sure the property lawyers are on the bank’s approved list). Call up Nationwide or the broker and complete any relevant paperwork. Nationwide will instruct a valuer who will get in contact with the selling agent or seller to arrange an appointment. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Nationwide will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Whittlesey.
We are selling our house in Whittlesey and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A local conveyancer would know this is not the case. It does beg the question why the purchasers are using a factory type conveyancing outfit as opposed to a conveyancing solicitor in Whittlesey. We have lived in Whittlesey for 5 years we know of no issue. Should we get in touch with our local Authority to obtain confirmation need.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
How does conveyancing in Whittlesey differ for new build properties?
Most buyers of new build premises in Whittlesey contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Whittlesey tend to 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 Whittlesey or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Whittlesey is the location of the property. Can you shed any light on this issue?
Flying freeholds in Whittlesey are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Whittlesey you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Whittlesey may ascertain 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.