I am hoping to complete my purchase in Pentyrch next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Pentyrch.
is it true that all Pentyrch solicitor firms on the HSBC conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the HSBC conveyancing panel they would need to be regulated by the SRA. Some lenders do permit licenced conveyancers on their panel and in such a situation the organisation would be overseen by the Council of Licensed Conveyancers.
The formalities of my purchase has taken place for my property in Pentyrch. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I recently had an offer accepted on a house in Pentyrch. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an upfront payment of £175. A few days later, the lawyer contacted me embarrassingly acknowledging that they were not on the Skipton conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Skipton panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Pentyrch differ for new build properties?
Most buyers of new build residence in Pentyrch contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Pentyrch usually acquire the site, 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 used to new build conveyancing in Pentyrch or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Pentyrch I like with amenity areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Pentyrch for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
How do I use your search app to select a conveyancing practitioner in Pentyrch on the approved list for my lender?
Step one is to choose a mortgage company such as Barclays , Virgin Money or Clydesdale then specify your preferred area for instance Pentyrch. Conveyancing organisations in Pentyrch and beyond will then be identified.
Last November I purchased a leasehold property in Pentyrch. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Pentyrch Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
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Is anyone aware of any major works in the near future that will likely add a premium to the maintenance fees? How long is the Lease? Plenty Pentyrch leasehold properties will incur a service bill for maintenance of the block levied on behalf of the freeholder. Should you purchase the flat you will have to pay this contribution, usually periodically during the year. This may vary from several hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a rentcharge to be met yearly, ordinarily this is not a exorbitant figure, say about £50-£100 but you need to check as occasionally it can be many hundreds of pounds.