I was notified recently by my financial adviser that my Nailsworth lawyer is not on the mortgage company Solicitor panel. What can I do to be sure whether this is correct?
The first thing you need to do is to contact your Nailsworth lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
What happens if my solicitor is suspended from the Virgin Money Solicitor panel ahead of completing my conveyancing in Nailsworth?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How does conveyancing in Nailsworth differ for newly converted properties?
Most buyers of new build or newly converted property in Nailsworth contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Nailsworth typically acquire the site, 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 Nailsworth or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Nailsworth is where the house is located. Is there any advice you can impart?
Flying freeholds in Nailsworth are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Nailsworth you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Nailsworth may determine 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.
Estate agents have just been given the go-ahead to market my basement flat in Nailsworth.Conveyancing has not commenced however I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the maintenance contribution as you normally would because all ground rent and service charges will be apportionedas part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process