Why do I have to pay up front when it comes to conveyancing in Badsey?
If you are buying a property in Badsey your solicitor will request that you place them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the sale price then this will be required shortly prior to contracts are exchanged. The final balance that is needed should be sent to your lawyer shortly before completion.
My wife and I are purchasing a apartment in Badsey. It might be a silly question but how we can trust a conveyancer? On completion day we will need to send funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My lawyer has informed me that flying freehold insurance is needed on my purchase. What is the level of cover for Badsey conveyancing?
The right level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and Skipton Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
After weeks of negotiation I have agreed a price on a house in Badsey. My financial adviser suggested a conveyancing practitioner. I paid an advanced payment of £150. Not long after, the conveyancing practitioner contacted me embarrassingly acknowledging that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
The deeds to our property are lost. The lawyers who handled the conveyancing in Badsey 5 years ago have long since closed. What are my options?
Nowadays there are duplicates made of almost everything, and your lawyer will be aware precisely where to look for all the relevant paperwork so you can buy or sell your property without a hitch. Where duplicates are not available, your lawyer can arrange cover in the form of insurance or indemnities against possible claims on your premises.
How does conveyancing in Badsey differ for new build properties?
Most buyers of new build or newly converted property in Badsey come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Badsey usually purchase 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 conveyancing solicitors 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 accustomed to new build conveyancing in Badsey or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Badsey before instructing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some banks may refuse to issue a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Badsey. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are buying a ground floor flat in Badsey. At the point of instructing our solicitor, they said that they were on all mainstream mortgage company panels. The financial adviser contacted us just now to advise that they are not on the TSB approved list. Should that be true, what should we do? Should we simply choose a new solicitor that is on their panel or do we cover the costs for dual representation, with TSB appointing their own preferred conveyancer.
Where you are buying a property with the assistance of a mortgage it is standard for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancer has to fulfill. Some banks now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancing practitioner should call TSB to discover 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 TSB's conveyancing panel and you may continue to use your own Badsey solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the equation.