My partner and I have recently bought a property in Sandown. We have noticed several problems with the property which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the type of searches that should have been conducted as part of conveyancing in Sandown?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Sandown. Conveyancing searches and due diligence initiated during the buying process are carried out to help avoid problems. As part of the process, a seller answers a document known as a SPIF. If the information provided is incorrect, you may have a misrepresentation claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Sandown.
The Sandown conveyancing firm that just started acting on my purchase in Sandown have suddenly shut down. They were on acting for me because I needed a firm on the Santander conveyancing panel and my previous Sandown lawyer was not. I sent them a cheque for £250 in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
I happen to be the sole recipient of my late grandmother’s estate and I have everything in my name now, including the my former home in Sandown. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in June. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view lenders take of it, depend on the bank as this provision primarily exists to pick up on subsales or the wholesaling and assigning of property.
Virgin Money have agreed my home loan in principle, my bid on a house in Sandown has been accepted, what are the next steps?
Your estate agent will want to be advised as to your conveyancer's details (ensure that the conveyancing practitioners are on the lender’s approved list). Telephone Virgin Money or the broker and finish off any outstanding forms. Virgin Money will sellect a valuer who will get in touch with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Virgin Money will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Sandown.
I have finally had an offer on an apartment in Sandown accepted, but there is a chain. The sellers have offered on somewhere, however it’s not yet tied up, and are looking at other apartments in the pipeline. I have selected a nearby conveyancing solicitor in Sandown. What should be my next step? At what stage should I apply for the mortgage with Nationwide?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then valuation, Sandown conveyancing search charges, etc). First, you must ensure that your property lawyer is on the Nationwide approved list. As to the next stages this very much dictated by the circumstances of your case, desire for the property and on the state of the market. In a hot market the majority of purchasers will apply for a home loan with Nationwide and arrange for the valuation and only if it comes back ok would they ask their conveyancer to move forward with the conveyancing in Sandown.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to have this when purchasing a property in Sandown? or Apparently there is a law dating back centuries that could mean that owners of property residing in a parish church boundary will be compelled to contribute towards maintenance to the chancel in proximity to the church. Is this appropriate for conveyancing in Sandown?
Unless a previous purchase of the property completed post 12 October 2013 you could take it that lawyers carrying out conveyancing in Sandown to remain recommending a chancel search and or insurance against a claim.
Due to the encouragement of my in-laws I had a survey completed on a house in Sandown prior to retaining conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies may refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Sandown. Conveyancing will be smoother if you use a solicitor in Sandown especially if they are accustomed to such properties in Sandown.
Why am I unable to complete our conveyancing in Sandown on Good Friday?
Because on completion the purchase price will pass between the banks of the buyer and owner’s lawyer and currently this can only occur on a business day. It is not possible to complete on a saturday or sunday either.