We hired a local firm for our conveyancing in Ely yesterday. Reviewing the Ts and Cs I notewe are responsible for fees even where the transaction does not complete. Would I be best advised to instruct an on-line solicitor practice offering no-sale-no-fee conveyancing in Ely?
It is usually a trade off in that if "No Sale No Fee" is advertised then the fee levels will tend to be be higher to counteract those conveyances that do not proceed. You should be mindful that these promotions generally do not cover expenses for example Ely conveyancing search fees.
I have given 8 weeks notice to my current landlord and must vacate my let out apartment in Ely by the end of next month. Conveyancing on my purchase is underway. Is it possible to complete in three weeks as I wish to avoid having to move into temporary accommodation?
It is unwise to serve notice for your letting unless you have exchanged. Assuming that you have not previously done so, contact to your conveyancer and urge them to they chase the owners solicitors, try to an acceptable time-line that everyone will work towards
Please explain the implications if my solicitor is suspended from the Barclays Conveyancing panel ahead of completing my conveyancing in Ely?
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.
Should our lawyer be making enquiries concerning flooding during the conveyancing in Ely.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Ely. There are those who acquire a house in Ely, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a number of checks that can be undertaken by the purchaser or by their solicitors which will give them a better understanding of the risks in Ely. The standard property information forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to find out if the premises has suffered from flooding. If the premises has been flooded in past and is not notified by the vendor, then a buyer may issue a legal claim for losses as a result of such an misleading answer. A buyer’s solicitors should also conduct an environmental search. This will reveal if there is any known flood risk. If so, more detailed investigations will need to be conducted.
I'm buying a new build house in Ely with a mortgage from Norwich and Peterborough Building Society. The developers refused to reduce the amount so I negotiated 6k of extras instead. The house builders rep advised me not reveal to my conveyancer about this side-deal as it may jeopardize my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a property in Ely before appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies will not grant a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you contact us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ely. Conveyancing may be slightly more expensive based on your lender's requirements.