Am I correct in assuming that the fact that my solicitor in Brighstone is not on my bank's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
That would most likely be a wrong assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Brighstone conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
We are getting closer to an exchange on a property in Brighstone and my parents have transferred the exchange deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancer is obliged to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Brighstone is more expensive?
Brighstone leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
How does conveyancing in Brighstone differ for new build properties?
Most buyers of new build premises in Brighstone approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because developers in Brighstone usually 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 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 used to new build conveyancing in Brighstone or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Brighstone ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some banks tend not issue a loan on this type of home.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Brighstone. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Brighstone to see if the conveyancing costs will increase in light of this.
Given that I will soon part with over three hundred thousand on a house in Brighstone I would like to have a conversation with the solicitor concerning thehome move in advance of giving the go ahead to 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 speaking to the solicitor who will be conducting your property ownership legalities in Brighstone.There is no ‘factory style conveyancing’ - every client is an important individual, not a case number. The practices that we put you in touch with believe that the figure you are quoted for residential conveyancing in Brighstone should be the amount on the final invoice that you end up paying.