My partner and I are intent on purchasing a ground floor flat in Hanham. My lawyer is not listed on the mortgage company approved list. Is it possible for me to retain my Hanham conveyancing solicitor even though they are not on the bank approved list?
You will need to use a solicitor to complete the formalities if you take out a mortgage to buy your property. The conveyancer will carry out all the essential legal checks on the property, ensuring that you will be registered as proprietor and ensure that all the necessary mortgage paperwork is in order. One may select a Hanham lawyer of your choice. However, if the conveyancer selected is not a member of the bank approved list supplemental costs will be levied as separate legal representation will be need by the bank. Conveyancing panel applications may be submitted, so if your conveyancer has not historically sought membership they should take the chance to apply.
I am under pressure from the owner of a property in Hanham to exchange within four weeks. What can I do to hasten the buying process?
First, If the seller is applying pressure to sign contracts it is advisable to make sure that your conveyancer is familiar with the area as they will make use of local relationships and insight. It is even conceivable that they would have transacted otherhomes in the same road. Therefore consider using a Hanham conveyancing firm. In addition, make sure that the lawyer is on the lender panel. It is understood that nearly one in five of Hanham conveyancing deals are held up or jeopardised after finding out that a purchaser’s conveyancer was not on their banks panel. In many cases this discovery resulted in the legal process being frustrated by almost three weeks. It is estimated that this issue impacts approximately one hundred thousand home sales annually. Most Hanham conveyancing practices can not act for certain banks so do check as early as possible.
I had intended to instruct a property lawyer in Hanham for our house move. Our financial adviser informed us that our mortgage lenders Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most banks had an appetite for risk which was higher than today. Almost all Hanham conveyancing firms would have been on many bank panels. The FSA in 2010 conducted a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms regarding their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum volume of conveyancing. Many Hanham conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Hanham is amongst the many areas where the solicitors we recommend are are authorised to act for Godiva Mortgages Ltd.
Will my solicitor be asking questions regarding flooding as part of the conveyancing in Hanham.
Flooding is a growing risk for conveyancers dealing with homes in Hanham. There are those who purchase a house in Hanham, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, but there are a numerous checks that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Hanham. The conventional set of information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser could issue a compensation claim as a result of such an misleading answer. A purchaser’s solicitors should also conduct an enviro report. This will disclose whether there is any known flood risk. If so, additional investigations will need to be carried out.
Due to the guidance of my in-laws I had a survey completed on a house in Hanham before appointing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some banks may refuse to give a loan on such a property.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. 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 used to dealing with flying freeholds in Hanham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hanham to see if the conveyancing costs will increase in light of this.
Is there a reason that Hanham conveyancing fees are higher for leasehold and freehold properties?
If buying a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control