My fiance and I are planning to acquire a house in South Petherton and Lambrook and are in fact using a South Petherton and Lambrook conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. HSBC Bank have this morning contacted us to advise us that they have now hit a problem as our South Petherton and Lambrook solicitor is not on their approved list of lawyers. Please explain?

Where you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. 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 solicitor should contact your lender 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 and you may continue to use your own South Petherton and Lambrook solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.

What happens if my lawyer’s firm is removed from the Lloyds Solicitor panel ahead of completing my conveyancing in South Petherton and Lambrook?

First, 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.

Will my conveyancer be asking questions about flooding as part of the conveyancing in South Petherton and Lambrook.

Flooding is a growing risk for lawyers carrying out conveyancing in South Petherton and Lambrook. There are those who acquire a property in South Petherton and Lambrook, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.

Lawyers are not qualified to give advice on flood risk, however there are a number of searches that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in South Petherton and Lambrook. The standard completed inquiry forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to find out whether the premises has historically flooded. In the event that the residence has been flooded in past and is not notified by the seller, then a buyer could issue a compensation claim as a result of such an misleading reply. The purchaser’s solicitors may also carry out an enviro search. This will reveal if there is a recorded flood risk. If so, further inquiries will need to be conducted.

Due to the guidance of my in-laws I had a survey completed on a house in South Petherton and Lambrook in advance of retaining lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some lenders will refuse to give a mortgage on this type of house.

It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in South Petherton and Lambrook. Conveyancing may be slightly more expensive based on your lender's requirements.

Looking forward to sign contracts shortly on a studio apartment in South Petherton and Lambrook. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in South Petherton and Lambrook should include some of the following:

Whether the lease restricts you from renting out the property, or working from home What the implications are if you are in breach of your lease terms? You should have a good understanding of the building insurance provisions Additions to the property What you can do if another leaseholder in the building breaches a clause of their lease?

Leasehold Conveyancing in South Petherton and Lambrook - Sample of Queries Prior to Purchasing

Can you inform me if there are any major works anticipated that could increase the service costs? Is the freehold reversion owned collectively by the tenants? You should want to find out as much as possible about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to every day issues like the upkeep of the common parts. Enquire of other people if they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the appropriate party and specifically what you get for your money.