We are getting the release of further monies on our mortgage from HSBC as we intend to carry out alterations to our home in Polesworth. Do we need to appoint a local Polesworth solicitor on the HSBC conveyancing panel to handle the paperwork?
HSBC would not normally instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC list.
I am expecting a DIP from Nottingham this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Polesworth solicitors on the Nottingham conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Polesworth solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
I recently had an offer agreed on an apartment in Polesworth. My mortgage broker pressured me to appoint their property lawyer. I paid an upfront payment of £200. A couple of days later, the solicitor called me to say that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Will my lawyer be raising enquiries regarding flooding during the conveyancing in Polesworth.
The risk of flooding is if increasing concern for lawyers dealing with homes in Polesworth. Some people will acquire a property in Polesworth, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a number of checks that can be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Polesworth. The standard property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to discover if the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the vendor, then a purchaser may issue a claim for damages stemming from an incorrect response. The buyer’s lawyers should also carry out an environmental search. This should disclose if there is a recorded flood risk. If so, further investigations should be carried out.
How does conveyancing in Polesworth differ for new build properties?
Most buyers of new build premises in Polesworth come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because builders in Polesworth tend to buy 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 accustomed to new build conveyancing in Polesworth or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Polesworth ahead of appointing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor advised that some mortgage companies will refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Polesworth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Polesworth to see if the conveyancing costs will increase in light of this.
Why can I not complete our conveyancing in Polesworth on Good Friday?
Because on completion the money needs to be transferred electronically between the banks of the buyer and seller's lawyer and currently this can only happen on a business day. It is not possible to complete on a saturday or sunday either.