We are a couple about to exchange contracts for a semi detached house in Formby. We have hit a problem. The loan offer with Clydesdale expires on 7/1/2025 but the owners are insisting on a completion date of 9/1/2025. Can one prolong the loan offer?
The person best placed to address this concern is your lawyer who is in a position to assess if he or she is should be discussing with the lender, vendor’s conveyancers, selling agents or conceivably all parties given the history of your transaction to date.
We are buying a property in Formby. I might seem paranoid but how we can trust a lawyer? On the day of competition we have to put our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously chose solicitors with offices in Formby on the RBS solicitor panel. They have just invoiced me an additional sum for handling the RBS mortgage. Is this an additional conveyancing fee set by RBS?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not set by RBS but by your Formby conveyancer. Plenty of firms on the RBS panel will levy ’dealing with mortgage’ fee and others do not.
About to purchase apartment in Formby. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Formby conveyancer is on the HSBC conveyancing panel.
Should my conveyancer be raising questions about flooding during the conveyancing in Formby.
The risk of flooding is if increasing concern for lawyers dealing with homes in Formby. Plenty of people will acquire a property in Formby, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a number of checks that may be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Formby. The standard completed inquiry forms sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to discover whether the property has suffered from flooding. If the premises has been flooded in past and is not disclosed by the seller, then a buyer may bring a legal claim for losses resulting from an inaccurate answer. A buyer’s solicitors may also order an environmental report. This will indicate whether there is any known flood risk. If so, further inquiries will need to be carried out.
How does conveyancing in Formby differ for newly converted properties?
Most buyers of new build residence in Formby contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Formby typically acquire 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 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 Formby or who has acted in the same development.
I have been advised by numerous property agents in Formby to get a quote from a property lawyer using your seach tool. Is there a financial upside for Estate Agents to market your lawyers rather than alternative conveyancing organisations?
We don’t offer any commission for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.