I am acquiring a newly built apartment in Stanstead Abbotts and my solicitor is telling me that she is duty bound to the mortgage company to disclose incentives from the developer. I am on a tight deadline to exchange and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can you clarify what the consequences are if my solicitor is expelled from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Stanstead Abbotts?
The first thing to point out is that, 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.
Should our solicitor be raising questions about flooding during the conveyancing in Stanstead Abbotts.
Flooding is a growing risk for conveyancers dealing with homes in Stanstead Abbotts. There are those who purchase a house in Stanstead Abbotts, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous searches that can be initiated by the buyer or by their solicitors which will figure out the risks in Stanstead Abbotts. The conventional set of property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the vendor, then a purchaser could issue a legal claim for losses as a result of such an misleading reply. The buyer’s lawyers will also order an environmental search. This will indicate whether there is any known flood risk. If so, further inquiries will need to be made.
I am looking into buying my first house which is in Stanstead Abbotts and I am already nervous. I couldn't find anything specific about Stanstead Abbotts. Conveyancing will be needed in due course but do you know about the Stanstead Abbotts area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Stanstead Abbotts. In the meantime here are some basic statistics that we found
I need to instruct a conveyancing lawyer in Stanstead Abbotts for my home move. Is there any facility to see a firm’s record with the legal regulator?
You can find presented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The SRA could monitor call for training requirements.
My wife and I have recently had an offer accepted on our first house in Stanstead Abbotts, and are about to get solicitors appointed. We have used the numerous comparison tools and the results are from all over the country. Is it essential to have a Stanstead Abbotts lawyer local to the potential property? We are willing to do all the communicating electronically, but I guess at some point we will be required to visit the solicitor's office to sign documents?
The lawyer does not have to be in Stanstead Abbotts, but opting for local means that you can go in if required, for instance, if a signature is immediately necessary. Furthermore, a Stanstead Abbotts solicitor have established relationships with local agents and (if the vendor has chosen a local property lawyer) with them, which will help keep things moving faster.