I am in a contract race with another prospective purchaser for a property in Bournemouth. What can be done to speed up the legal process?
In a situation where you are under a tight deadline to exchange it is highly recommended that your solicitor is familiar with the location as they will make use of local connections and knowledge. It is possible that they would have handled previousproperties in the same street. Therefore consider using a Bournemouth conveyancing firm. Second, make sure that the lawyer is on the on the approved list for your mortgage company. It is understood that 18% of Bournemouth conveyancing transactions are frustrated or derailed after finding out that a purchaser’s conveyancer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the conveyancing being held up by as much as three weeks. It is claimed that this issue affects in the region of 100,000 home sales annually. Most Bournemouth conveyancing practices can not act for certain banks so do check at the outset.
When will exchange of contracts occur in purchase conveyancing in Bournemouth and do I need to be at the conveyancers branch?
If you are near to one of the conveyancing solicitors in Bournemouth you are invited in to sign contracts. However, the law practices we work with offer a nationwide conveyancing service and provide just as comprehensive and professional a job for you when communicating with you digitally. The signing of the sale agreement is not the point of no return. A signed contract is just a prerequisite for the conveyancer to address the formalities when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bournemouth)to be in the office at the appropriate time.
Does a directory service exist listing HSBC panel solicitors in Bournemouth on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. A small selection of lenders make their panel listings open the public on the web. If you are in need of a Bournemouth conveyancing practitioner on the HSBC please use our facility.
I have today made my last payment due on my mortgage with TSB. I assume I don't need a Bournemouth conveyancing practitioner on the TSB panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Bournemouth building society branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Bournemouth conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the mortgage company panel, she or he must comply with the CML Handbook specifications for the bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Bournemouth is where the house is located. What do you suggest?
Flying freeholds in Bournemouth are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bournemouth you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bournemouth 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 property.
Taking into account that I will soon part with £400,000 on 3 bedroom house in Bournemouth I wish to have a conversation with the lawyer regarding thehouse move ahead of instructing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you liaising with the solicitor due to be conducting your conveyancing in Bournemouth.There is no ‘factory style conveyancing’ - each client is an important individual, not a file reference. The solicitors that we put you in touch with believe that the figure you are quoted for residential conveyancing in Bournemouth should be the figure that you are charged.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Bournemouth. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bournemouth ?
The majority of houses in Bournemouth are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Bournemouth so you should seriously consider looking for a Bournemouth conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.