What is the first thing I need to know concerning purchase conveyancing in Lightwater?
You may not hear this from too many lawyers but conveyancing in Lightwater or throughout England and Wales is an adversarial experience. In other words, when it comes to conveyancing there is an abundance of opportunity for conflict between you and other parties involved in the ownership transfer. For instance, the seller, selling agent and sometimes a mortgage company. Appointing a solicitor for your conveyancing in Lightwater is a critical decision as your conveyancer is your adviser, and is the ONLY person in the legal process whose role it is to act in your legal interests and to protect you.
Every so often a third party with a vested interest may attempt to sway you that you should follow their advice. For example, the estate agent may claim to be assisting by claiming that your solicitor is slow. Or your financial adviser may tell you to do something that is against your solicitors advice. You should always trust your lawyer above all other parties in the conveyancing process.
we are a couple who are hoping to buy a purpose built apartment in Lightwater with a mortgage from Virgin Money.We would like to retain our Lightwater conveyancing practitioner but Virgin Money informed us he's not on their "panel". we are left little option but to use a Virgin Money panel lawyer or keep our preferred solicitor and fork out for a Virgin Money panel lawyer to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan issued to you contains terms and conditions, a common one being that lawyers must be on the Virgin Money approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Virgin Money
What does a local search reveal concerning the property we're buying in Lightwater?
Lightwater conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for instance Xpress Legal The local search plays an important role in most Lightwater conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
How does conveyancing in Lightwater differ for newly converted properties?
Most buyers of new build property in Lightwater contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Lightwater typically purchase 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 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 Lightwater or who has acted in the same development.
I opted to have a survey carried out on a property in Lightwater ahead of appointing lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies will not give a loan on a flying freehold house.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Lightwater. Conveyancing will be smoother if you use a solicitor in Lightwater especially if they are accustomed to such properties in Lightwater.
Why am I unable to complete our conveyancing in Lightwater on May bank holiday?
This is due to the fact that on completion the money will pass between the banks of the purchaser and owner’s solicitor and at present this can only take place on a working day. So you can't complete on a weekend either.