My husband and I are planning to acquire a house in Hindhead and have instructed a Hindhead conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Chelsea Building Society have this morning contacted us to inform me that there is now an issue as our Hindhead conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors 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 Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Hindhead lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Our mortgage company has suggested solicitors on their panel based in Hindhead but I would rather use a conveyancing lawyer in Hindhead or nearer to where I live. Are you able to help?
It is by no means the case that all Hindhead conveyancing solicitors are on all lender’s conveyancing panel. Do make use of the above search tool to choose a Hindhead conveyancing firm on the on the mortgage company panel.
Will our solicitor be raising enquiries about flooding as part of the conveyancing in Hindhead.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Hindhead. There are those who acquire a property in Hindhead, fully aware 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 obtain a mortgage, suitable building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Hindhead. The conventional set of completed inquiry forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to determine if the premises has ever been flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a purchaser could bring a legal claim for losses resulting from an inaccurate answer. A buyer’s conveyancers will also order an environmental search. This should higlight if there is a recorded flood risk. If so, additional investigations should be made.
How does conveyancing in Hindhead differ for new build properties?
Most buyers of new build property in Hindhead come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Hindhead 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 Hindhead or who has acted in the same development.
I am looking for a ground for flat up to £305k and identified one round the corner in Hindhead I like with open areas and railway links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Hindhead in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Our sealed bid on detached house in Hindhead has been agreed to, but there is a chain. The vendors have offered on on an apartment, however it’s not yet tied up, and are looking at other apartments booked. I have instructed a local conveyancing solicitor in Hindhead. What should be my next step? When do I get the mortgage application with Clydesdale going with Clydesdale?
It is normal to have anxieties where there is an associated chain given your reluctance to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then survey, Hindhead conveyancing search fees, etc). The first course of action is to check that your conveyancer is on the Clydesdale conveyancing panel. Concerning the next phase this very much depends on the uniqueness of your case, desire for the property and on the state of the market. During a hot market the majority of purchasers will apply for the mortgage with Clydesdale and arrange for the valuation and only if it comes back ok would they pay their property lawyer to move forward with the conveyancing in Hindhead.