It has come to my attention via my broker that my Bow the law firm I have appointed is not on the lender Conveyancing panel. How can I check?
Your first step should be to contact your Bow lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. Where they are not on the panel they may be able to suggest a Bow conveyancing firm that is on the conveyancing panel for your bank.
The Bow conveyancing firm handling our Bow conveyancing has identified a discrepancy when comparing the information in the valuation survey and what is in the legal papers for the property. My solicitor says that he needs to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
The Bow conveyancing firm that I appointed last week on my purchase in Bow have without warning shut down. I chose them because I had to have a firm on the Principality conveyancing panel and my previous Bow lawyer was not. I wrote them a cheque for £250 in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
How does conveyancing in Bow differ for newly converted properties?
Most buyers of new build residence in Bow come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Bow tend to purchase the land, 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 accustomed to new build conveyancing in Bow or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Bow ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks tend refuse to give a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bow. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Bow cover?
Non domestic conveyancing in Bow incorporates a broad array of advice, given by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.