I am soon to complete on the purchase of a house in Southall but as a consequence of wreckage from some water damage at the property I have managed to agree recompense from the seller of £3k by way of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process but HSBC are not allowing this. Why were they approached?
Your property lawyer that is on the HSBC approved list is duty bound to disclose to HSBC of any variations to the purchase price. If you were to refuse your conveyancing practitioner to report the reduction to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new conveyancer for your conveyancing in Southall.
Please explain the implications if my lawyer’s firm is expelled from the RBS Solicitor panel ahead of completing my conveyancing in Southall?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Will my conveyancer be raising questions about flooding during the conveyancing in Southall.
Flooding is a growing risk for solicitors specialising in conveyancing in Southall. Some people will purchase a property in Southall, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable 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 impart advice on flood risk, but there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Southall. The conventional set of completed inquiry forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to find out if the premises has suffered from flooding. In the event that the premises has been flooded in past and is not revealed by the owner, then a buyer could commence a legal claim for losses resulting from an inaccurate reply. The buyer’s conveyancers should also order an environmental report. This will disclose if there is a recorded flood risk. If so, further investigations will need to be carried out.
I'm purchasing my first flat in Southall with a mortgage from Clydesdale. The builders would not budge the amount so I negotiated 6k of additionals instead. The house builders rep advised me not disclose to my conveyancer about this side-deal as it could put at risk my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey completed on a property in Southall in advance of retaining lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some lenders tend not give a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Southall. Conveyancing will be smoother if you use a solicitor in Southall especially if they are accustomed to such properties in Southall.
I am 18 days into a freehold purchase having been referred to solicitors by the estate agent to do our conveyancing in Southall. We are not happy. Can you you assist me in finding new solicitors?
They would have to be very bad to suggest diss instructing them. Has your mortgage been generated? In the event that it has you must advise them of the new contact details and get the loan are re-sent. The solicitor ideally needs to be on the lenders approved list to avoid supplemental expenses and frustration. So that should be your starting point. The find a solicitor tool will help you find a lender approved conveyancer for your conveyancing in Southall