My wife and I are looking to acquire a property in Trafford and have instructed a Trafford conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. HSBC Bank have this afternoon contacted us to advise us that there is now an issue as our Trafford conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also represent the purchaser's lender. 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 solicitor should contact your bank 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 bank's conveyancing panel as you are at liberty to use your preferred Trafford lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am acquiring a house mortgage free in Trafford. I have resided for the last twelve years in Trafford. Conveyancing searches are expensive. Given that I have knowledge of the area and road intimately must I have all the conveyancing searches?
If you not getting a mortgage, then the vast majority of the Trafford conveyancing searches are non-obligatory. Your conveyancer will 'advise', no-doubt strongly, that you should have searches done, but she has a professional duty to do this. Do consider; if you are going to sell the house at a future date, it could be of relevance to your prospective buyer what the searches disclose. On occasion houses with apparent issues can still show up unpredicted search results. A competent conveyancing solicitor in Trafford should be able to give you some constructive advice here.
Finally the sale completed on my house in Trafford last September but our buyer keeps whats apping every few hours to say her solicitor is waiting to hear from mine. What should have happened following completion?
Following your house sale your solicitor should forward the transfer documentation and all of the paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer must also send confirmation that the legal charge in favour of the lender has been repaid to the buyers conveyancers. There are no post completion steps just for conveyancing in Trafford.
Should my conveyancer be raising questions regarding flooding as part of the conveyancing in Trafford.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Trafford. There are those who acquire a property in Trafford, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a numerous checks that can be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Trafford. The standard completed inquiry forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the seller to find out whether the premises has historically flooded. If flooding has previously occurred and is not notified by the seller, then a purchaser may commence a legal claim for losses resulting from an inaccurate reply. The purchaser’s conveyancers may also commission an enviro search. This will reveal whether there is any known flood risk. If so, more detailed inquiries should be initiated.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Trafford I like with open areas and station nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Trafford suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan that many years will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.