Is the fact that my solicitor in Hyde is not identified on my bank's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Hyde conveyancing practice and ask them why they are no longer on the approved list for your lender.
We are only a couple days away from an exchange on a flat in Hyde and my parents have sent the ten percent deposit to my property lawyer. I am now informed that as the deposit has not come from me my property lawyer needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
Your solicitor is legally required to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Will our conveyancer be raising questions concerning flooding as part of the conveyancing in Hyde.
Flooding is a growing risk for solicitors dealing with homes in Hyde. Some people will buy a house in Hyde, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, but there are a various checks that can be undertaken by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Hyde. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to find out if the premises has historically flooded. In the event that flooding has previously occurred which is not disclosed by the seller, then a purchaser could issue a compensation claim as a result of such an misleading answer. The purchaser’s conveyancers should also conduct an environmental search. This will reveal if there is any known flood risk. If so, further inquiries will need to be carried out.
How does conveyancing in Hyde differ for newly converted properties?
Most buyers of new build premises in Hyde come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Hyde 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 conveyancers 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 Hyde or who has acted in the same development.
I opted to have a survey carried out on a property in Hyde prior to retaining solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies tend refuse to grant a mortgage on this type of home.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hyde. Conveyancing may be slightly more expensive based on your lender's requirements.
I am downsizing from my home. My former solicitors have shut. I am in need of a recommendation of a conveyancing firm. I happen to live in Hyde if that makes a difference.
Please use our search tool to help you choose a solicitor for your conveyancing in Hyde. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.