I am selling my house in Saffron Walden and the estate agent has just telephoned to warn that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in Saffron Walden ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
My partner and I have lately acquired a house in Saffron Walden. We have noticed several problems with the house which we believe were omitted in the conveyancing searches. What action can we take? Can you clarify the nature of searches that needed to have been conducted for conveyancing in Saffron Walden?
It is not clear from the question as what problems have arisen and if they are unique to conveyancing in Saffron Walden. Conveyancing searches and investigations initiated as part of the buying process are carried out to help avoid problems. As part of the process, a property owner answers a document referred to as a SPIF. If the information turns out to be inaccurate, then you may have a claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Saffron Walden.
We note that you have a post code search directory identifying law firms on the Clydesdale conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Saffron Walden?
We are a listing service only for law firms wishing to communicate if they are on the Clydesdale conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Saffron Walden.
Will our solicitor be asking questions regarding flooding during the conveyancing in Saffron Walden.
Flooding is a growing risk for conveyancers dealing with homes in Saffron Walden. Some people will acquire a house in Saffron Walden, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a numerous searches that may be initiated by the purchaser or by their conveyancers which should give them a better understanding of the risks in Saffron Walden. The standard information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to determine if the property has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the seller, then a purchaser may bring a legal claim for losses resulting from an incorrect response. The buyer’s lawyers may also order an environmental report. This should reveal if there is any known flood risk. If so, additional investigations should be conducted.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Saffron Walden I like with open areas and transport links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Saffron Walden in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I have been told by many family members to expect up to two months for Saffron Walden conveyancing to complete.This was a month ago. The draft contract was only received from the vendors solicitor last week so does the time start running now?
You should treat with caution of any conveyancing practitioner promising fast completion times. Rather you should enquire about the average timeframe to complete Saffron Walden conveyancing deals and if they are happy to move towards an agreed target date for your house move in Saffron Walden