I was informed yesterday by my financial adviser that my Penkridge property lawyer is not on the bank Solicitor panel. What can I do to be sure if this is correct?
You need to contact your Penkridge conveyancer. You lawyer should inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
My aunt passed away last year and as sole heir and executor I was left the property in Penkridge. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this possible?
Given you plan to refinance then Virgin Money will require that you use a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
Will my solicitor be asking questions regarding flooding during the conveyancing in Penkridge.
The risk of flooding is if increasing concern for solicitors dealing with homes in Penkridge. There are those who acquire a house in Penkridge, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a various searches that may be undertaken by the purchaser or by their conveyancers which can give them a better appreciation of the risks in Penkridge. The conventional set of information supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to find out whether the property has suffered from flooding. In the event that the premises has been flooded in past which is not disclosed by the seller, then a buyer may bring a compensation claim as a result of such an misleading reply. The buyer’s solicitors should also order an environmental search. This will higlight whether there is any known flood risk. If so, more detailed investigations will need to be conducted.
How does conveyancing in Penkridge differ for new build properties?
Most buyers of new build premises in Penkridge come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Penkridge usually 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 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 Penkridge or who has acted in the same development.
What advice can you give us when it comes to choosing a Penkridge conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Penkridge conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Penkridge conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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What volume of lease extensions has the firm completed in Penkridge in the last twenty four months? Can they put you in touch with clients in Penkridge who can give a testimonial?
Penkridge Leasehold Conveyancing - A selection of Queries before buying
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How much is the ground rent and service charge? In the main the outlay for major works tend not to be wrapped into the service charges, although there some managing agents in Penkridge ask tenants to pay into a sinking fund and this is used to offset against larger repairs or maintenance. Are any of leasehold owners in arrears of their service charge liability?
Our financial adviser has recommended their solicitor for our conveyancing in Penkridge - won’t it be easier to just instruct them?
You need to establish if the estate agent is recommending a solicitor or introducing to a conveyancing practitioner. There are plenty of Penkridge selling agents who recommend two or three Penkridge conveyancing firms purely based on those lawyers offering a great service.