The Grantham conveyancing lawyers that I recently instructed on my house acquisition in Grantham have suddenly shut down. They were on acting for me because I had to have a firm on the Virgin Money conveyancing panel and my previous Grantham lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors 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 will need to appoint new lawyers that are on the Virgin Money 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 solicitors may be able to assist.
How does conveyancing in Grantham differ for new build properties?
Most buyers of new build premises in Grantham contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Grantham 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 conveyancers 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 Grantham or who has acted in the same development.
I decided to have a survey done on a house in Grantham ahead of instructing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies will refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Grantham. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Grantham cover?
Commercial conveyancing in Grantham incorporates a wide array of services, offered by regulated solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
Is it best to choose a Grantham conveyancing practitioner who is local to the property I am purchasing? An old friend can conduct the conveyancing but her office is 200miles drive away.
The benefit of a high street Grantham conveyancing practice is that you can visit the firm to sign documents, hand in your ID and apply pressure on them if necessary. They will also have local insight which is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and they were impressed that should trump using an unfamiliar Grantham conveyancing solicitor just because they are round the corner.