I am soon to exchange buying a property in Potswood but as a result of damage from the recent storms I have was able negotiate compensation from the vendor of £3k in the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process but Clydesdale are not allowing this. Should they have been approached?
Your property lawyer being on a Clydesdale conveyancing panel is duty bound to inform Clydesdale of any variations to the sale price. If you were to refuse your property lawyer to notify the reduction to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new property lawyer for your conveyancing in Potswood.
Do banks and building societies provide you with an approved list of Potswood conveyancing solicitors? How do you know who is on the Leeds Building Society conveyancing panel?
Potswood conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
We wanted to use a property lawyer in Potswood for our home move. Our financial adviser informed us that our mortgage lenders Birmingham Midshires won't deal with them. Surely this is unduly restrictive?
A decade ago most banks had a different appetite for risk. Almost all Potswood conveyancing firms would have been on most mortgage company panels. The FSA in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms relating to their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many Potswood conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Potswood is amongst the numerous locations where the conveyancers showing on our search results are on the panel for Birmingham Midshires.
Will my conveyancer be making enquiries regarding flooding during the conveyancing in Potswood.
Flooding is a growing risk for solicitors specialising in conveyancing in Potswood. Some people will acquire a house in Potswood, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a number of checks that can be initiated by the purchaser or by their conveyancers which can give them a better appreciation of the risks in Potswood. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to discover whether the premises has suffered from flooding. If flooding has previously occurred which is not notified by the vendor, then a buyer may commence a legal claim for losses as a result of such an inaccurate reply. A buyer’s solicitors will also conduct an enviro report. This should reveal if there is any known flood risk. If so, further inquiries should be made.
The estate agent has sent us the confirmation of our purchase of a new build flat in Potswood. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Potswood
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Please supply a car parking plan. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision.
What advice can you give us when it comes to choosing a Potswood conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Potswood conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with several firms including non Potswood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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Can they put you in touch with clients in Potswood who can give a testimonial? How experienced is the firm with lease extension legislation?
Potswood Leasehold Conveyancing - A selection of Queries Prior to buying
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Are there any major works in the near future that could increase the maintenance charges? The best form of lease arrangement is a share of the freehold. In this arrangement the lessees benefit from being in charge if their destiny and although a managing agent is usually retained where the building is larger than a house conversion, the managing agent is directed by the tenants.