Can you help? My Bow lawyer is advising me that he is legally obliged toorder Bow conveyancing searches becausethe firm are on the Nat Westsolicitor panel. Is this really necessary?
You have limited options available to you. As you are obtaining a mortgage with a mortgage company your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Bow conveyancing searches.
Can you clarify what the consequences are if my solicitor is expelled from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in Bow?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I need some fast conveyancing in Bow as I am under pressure to sign on the dotted line in less than 2 weeks. Thankfully I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
As you are not getting a home loan you have the choice not to have searches carried out although no law firm would suggest that you don't. Drawing on years of experience of conveyancing in Bow the following are examples of what can be revealed and adversely impact market value: Enforcement Notices, Outstanding Fees, Overdue Grants, Road Schemes,...
I am looking for a flat up to £195,000 and found one close by in Bow I like with a park and transport links nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Bow suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I am downsizing from my property. My previous conveyancers has retired. I would be grateful for any recommendation of a conveyancing firm. Im based in Bow if that affects matters.
You should use our search tool to help you choose a solicitor for your conveyancing in Bow. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
My partner and I intend to acquire our first house in Bow. Conveyancing practitioner already appointed. The mortgage adviser advised that a survey is not necessary as the house is only 17 years old.
The bare minimum you need a Home Buyer's Report. As the residence was constructed over a decade ago the property will not benefit from a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report may be sufficient. They will highlight any apparent problems and suggest additional investigation where appropriate. If there are any signs of material issues get a full Building Survey from the beginning.