I am in a contract race with another buyer for a property in West Smithfield. What can be done to accelerate the conveyancing process?
Where the seller is applying pressure to sign contracts it is advisable to make sure that your solicitor is familiar with the area as they will benefit local relationships and knowledge. It is possible that they could have handled previoushouses in the same street. You would be best advised to use a West Smithfield conveyancing firm. In addition, double check that the lawyer is on the lender panel. It is said that nearly one in five of West Smithfield conveyancing transactions are suspended or jeopardised after discovering a purchaser’s lawyer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being held up by almost three weeks. It is estimated that this issue affects approximately 100,000 home moves every year. Most West Smithfield conveyancing firms can not represent certain banks so do check as early as possible.
Why do I have to pay up front when it comes to conveyancing in West Smithfield?
If you are buying a property in West Smithfield your lawyer will ask you to provide them with monies to cover the the cost of the conveyancing searches. Normally this is asked for to cover the fees of the Local Authority Search. If any down payment is payable against the total price then this will be required shortly prior to exchange of contracts. Any further balance that is due should be sent to your lawyer a couple of days prior to the day of completion.
How does conveyancing in West Smithfield differ for newly converted properties?
Most buyers of new build property in West Smithfield contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because developers in West Smithfield 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 property lawyers 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 West Smithfield or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. West Smithfield is the location of the property. Is there any guidance you can impart?
Flying freeholds in West Smithfield are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside West Smithfield you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Smithfield may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Am I right to be wary about estate agents that I am dealing with are suggesting a national conveyancing firm rather than a High Street West Smithfield conveyancing company?
As with many service providers, often recommendations from relatives can be most helpful. But there are lots of players in a conveyancing matter; estate agents, financial adviser and lenders might all recommend lawyers to use. Sometimes these lawyers might be known to one of the organisations as being good in their field, but occasionally there is an underlying commercial relationship behind the endorsement. You have the right to choose your own lawyer. However, bear in mind that some lenders operate an approved list of conveyancers you have to use for the lender related work in your home move.
My uncle has recommend that I use his conveyancing solicitors in West Smithfield. Do I follow his guidance?
Much as we are happy to recommend a West Smithfield conveyancing lawyer the best way to find a conveyancing lawyer is to have guidance from friends or family who have actually previously instructed the conveyancer you're are thinking of instructing.