When does exchange of contracts take place for domestic conveyancing in Hungerford and am I required to be at the solicitors office?
Where you are near to one of the conveyancing solicitors in Hungerford you are invited in to sign the paperwork. However, the law practices we work with offer countrywide coverage for conveyancing and provide as equally diligent and professional a job for you when dealing with you by post or email. The executing of the purchase agreement is not when everything is set in stone. A signed contract is just a prerequisite for the firm to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hungerford)to be in the office at the appropriate time.
Can you clarify what the consequences are if my solicitor is removed from the UBS Solicitor panel ahead of completing my conveyancing in Hungerford?
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 at a cost.
Should my solicitor be raising questions about flooding as part of the conveyancing in Hungerford.
Flooding is a growing risk for lawyers carrying out conveyancing in Hungerford. There are those who acquire a property in Hungerford, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Hungerford. The conventional set of property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to determine whether the property has ever been flooded. If the property has been flooded in past and is not revealed by the owner, then a buyer could issue a claim for damages as a result of such an inaccurate response. The purchaser’s lawyers should also carry out an enviro search. This will disclose if there is any known flood risk. If so, additional inquiries will need to be initiated.
3 months have elapsed following my purchase conveyancing in Hungerford concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Hungerford differ for new build properties?
Most buyers of new build residence in Hungerford approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Hungerford typically buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Hungerford or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Hungerford before appointing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some banks tend not issue a loan on such a property.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hungerford. Conveyancing will be smoother if you use a solicitor in Hungerford especially if they regularly deal with such properties in Hungerford.