My partner and I are hoping to acquire a house in Kidsgrove and are in fact using a Kidsgrove conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Ireland have this afternoon contacted us to inform me that there is now an issue as our Kidsgrove 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 conventional for the purchasers' lawyers to also represent the purchaser's lender. 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 Quality Scheme. Your solicitor should contact your lender 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Kidsgrove solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Please could you suggest a HSBC Bank accepted Kidsgrove conveyancing firm that can complete within 10 days? Am I best advised to choose a high street Kidsgrove practice or a national comparison site?
We can recommend some very good Kidsgrove conveyancing firms. Another option is to visit the high street in Kidsgrove. Visit two or three firms and request to see a conveyancing solicitor for a costs illustration. Discuss your deadline together with the reasons and ask for an assurance on your deadline. Select the one that you are most comfortable with.
Should our lawyer be raising enquiries regarding flooding as part of the conveyancing in Kidsgrove.
Flooding is a growing risk for solicitors conducting conveyancing in Kidsgrove. Plenty of people will acquire a house in Kidsgrove, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, however there are a numerous searches that can be undertaken by the purchaser or on a buyer’s behalf which should figure out the risks in Kidsgrove. The standard completed inquiry forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to find out if the property has historically flooded. In the event that the property has been flooded in past and is not disclosed by the seller, then a purchaser may commence a compensation claim stemming from an inaccurate response. The buyer’s solicitors may also commission an environmental report. This will higlight if there is a recorded flood risk. If so, additional investigations should be made.
It has been 2 months since my purchase conveyancing in Kidsgrove took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 asset 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 Kidsgrove differ for new build properties?
Most buyers of new build or newly converted property in Kidsgrove approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Kidsgrove typically purchase 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 accustomed to new build conveyancing in Kidsgrove or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Kidsgrove I like with open areas and transport links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Kidsgrove suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.