My husband and I are hoping to acquire a home in Waterbeach and have appointed a Waterbeach conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. TSB have this evening contacted us to advise us that they have now hit a problem as our Waterbeach conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Waterbeach lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
All was ready to complete my purchase in Waterbeach next Tuesday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These obligations are not limited to conveyancing in Waterbeach.
What does a local search inform me regarding the house I am purchasing in Waterbeach?
Waterbeach conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations for example Searches UK The local search plays an important part in most Waterbeach conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search should provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
How does conveyancing in Waterbeach differ for new build properties?
Most buyers of new build residence in Waterbeach approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Waterbeach tend to purchase the real estate, 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 conveyancers 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 used to new build conveyancing in Waterbeach or who has acted in the same development.
My father has suggested that I instruct his conveyancers in Waterbeach. Should I choose my own property lawyer?
Much as we are happy to recommend a Waterbeach conveyancing lawyer the ideal way to find a conveyancing solicitor is to have guidance from friends or family who have actually experience in using the solicitor that you are contemplating using.
Should I be concerned if there is an issue with the searches carried out as part of my conveyancing in Waterbeach?
Usually, the majority of concerns that arise in Waterbeach conveyancing search responses can be handled prior to completion or indemnity insurance may be obtained. You need to note that regardless of the fact that you may be buying the premises and may be content to accept the search results, your mortgage lender may not, and when all said and done have the final decision.