I am purchasing property in Towcester. My Conveyancer is not on the mortgage company conveyancing list. Can I still retain my Towcester conveyancing solicitor even though they are excluded from the mortgage company approved list?
You have a couple of alternatives open to you here
- Carry on with your preferred Towcester solicitor but your bank will need to retain a conveyancer on their approved list. This will result in additional fees together with probable frustration.
- Choose a new solicitor to conduct the conveyancing, ensuring that they are on the bank conveyancing panel.
- Appeal to your property lawyer to seek to join the bank panel
Our lawyer has uncovered a a problem with the lease for the flat we are buying in Towcester. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that he must check that the lender is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
Should our solicitor be raising enquiries about flooding during the conveyancing in Towcester.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Towcester. There are those who acquire a house in Towcester, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of 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, however there are a various searches that may be undertaken by the purchaser or on a buyer’s behalf which should figure out the risks in Towcester. The conventional set of information sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to determine whether the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the vendor, then a purchaser could commence a legal claim for losses resulting from an inaccurate reply. The buyer’s conveyancers should also order an environmental report. This should reveal whether there is a recorded flood risk. If so, more detailed investigations should be made.
How does conveyancing in Towcester differ for new build properties?
Most buyers of new build residence in Towcester approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Towcester tend to 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 conveyancing solicitors 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 Towcester or who has acted in the same development.
Am I best advised to choose a Towcester conveyancing lawyer based in the location that I am purchasing? We have a good friend who can conduct the legal work however her office is 300miles drive away.
The benefit of a high street Towcester conveyancing practice is that you can drop in to execute paperwork, deliver your identification documents and apply pressure on them if necessary. They will also have local knowledge which is a plus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and in the main were content that should trump using an unknown Towcester conveyancing lawyer solely due to them being local.
We are soon to acquiring a house in Towcester. Can our conveyancing practitioner keep our purchase price confidential from sites such as Nestoria. How could this be done?
The Land Registry are legally bound to specify price sold information on a register of the title for residential properties nationwide which includes properties in Towcester. The register of ownership is a public document, so the Land Registry would be breaching their statutory duty if they did not allow access to the register.
You can ask the Land Registry to withhold the price paid data yet the response would be a No.