My partner and I are planning to acquire a flat in Norfolk Broads and are in fact using a Norfolk Broads conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nationwide Building Society have this morning contacted us to inform me that there is now an issue as our Norfolk Broads lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also act for 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 Accreditation Scheme. Your property lawyer 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 Norfolk Broads lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Will my lawyer be raising enquiries concerning flooding as part of the conveyancing in Norfolk Broads.
Flooding is a growing risk for conveyancers dealing with homes in Norfolk Broads. Some people will purchase a property in Norfolk Broads, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a number of searches that can be undertaken by the purchaser or by their conveyancers which should give them a better appreciation of the risks in Norfolk Broads. The standard property information forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to find out whether the property has historically flooded. In the event that the property has been flooded in past and is not notified by the seller, then a buyer could commence a legal claim for losses as a result of such an misleading answer. A purchaser’s conveyancers will also commission an enviro report. This will indicate whether there is any known flood risk. If so, further investigations will need to be carried out.
five months have gone by following my purchase conveyancing in Norfolk Broads concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £245,000 and found one round the corner in Norfolk Broads I like with a park and station in the vicinity, however it's only got 61 remaining years left on the lease. There is not much else in Norfolk Broads in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
Am I right to be wary that brokers that I am dealing with are suggesting an internet conveyancing firm as opposed to a local Norfolk Broads conveyancing firm?
As is the case with lots of service providers, often input from connections can be worth their weight in gold. But there are many players in a conveyancing deal; estate agents, mortgage brokers and lenders may suggest conveyancers to select. On occasion these lawyers might be known to one of the organisations as being good in their field, but occasionally there exists a financial incentive behind the recommendation. You have the right to select your preferred lawyer. Don't forget that many banks specify a panel list of conveyancers you are obliged to use for the mortgage aspect of your house move.