My fiance and I are hoping to purchase a property in Edwinstowe and are in fact using a Edwinstowe conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. TSB have this morning contacted us to advise us that they have now hit a problem as our Edwinstowe conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Edwinstowe solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My husband and I are approaching an exchange on a flat in Edwinstowe and my mum and dad have sent the ten percent deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The conveyancer is duty bound to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Will my lawyer be raising questions concerning flooding as part of the conveyancing in Edwinstowe.
Flooding is a growing risk for solicitors specialising in conveyancing in Edwinstowe. There are those who acquire a house in Edwinstowe, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a various checks that can be initiated by the buyer or by their solicitors which can figure out the risks in Edwinstowe. The conventional set of property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to determine whether the property has historically flooded. In the event that flooding has previously occurred and is not notified by the seller, then a buyer may issue a legal claim for losses as a result of such an inaccurate reply. A purchaser’s conveyancers will also commission an environmental report. This should higlight whether there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, no chain conveyancing. Edwinstowe is where the house is located. Can you shed any light on this issue?
Flying freeholds in Edwinstowe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Edwinstowe you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Edwinstowe may ascertain 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 residence.
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At this site get a conveyancing quote via a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Edwinstowe. Unlike many estate agents and many comparison sites we are not in the business of charging firms a fee if you choose them for your home move in Edwinstowe
Please can you refer me to a lawyer for purchasing a house? Ideally someone in the Edwinstowe area, who will contact me via email - not someone who insists on slow mail or fax.
The purpose of this site is restricted to being a directory service for lawyers who wish to be listed as being on the approved conveyancing panel for Bank of Ireland in certain areas for example Edwinstowe . We dont recommend any specific conveyancing practitioner.