Our Cockermouth lawyer has uncovered a difference when comparing the information in the valuation report and what is in the legal papers for the property. My lawyer has advised that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action right?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Will our conveyancer be raising enquiries regarding flooding during the conveyancing in Cockermouth.
The risk of flooding is if increasing concern for lawyers dealing with homes in Cockermouth. Some people will purchase a house in Cockermouth, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, but there are a various checks that may be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Cockermouth. The standard completed inquiry forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the vendor to find out if the property has ever been flooded. In the event that the property has been flooded in past which is not disclosed by the seller, then a buyer could bring a compensation claim stemming from an misleading answer. A buyer’s lawyers may also order an environmental search. This will disclose if there is a recorded flood risk. If so, additional investigations should be initiated.
I have todaydiscovered that Wolstenholmes have closed. They conducted my conveyancing in Cockermouth for a purchase of a freehold house 12 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The easiest way to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cockermouth conveyancing specialists.
I am buying a new build apartment in Cockermouth. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Cockermouth
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Please confirm the Lease plans are surveyor prepared. Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
What are your top tips when it comes to appointing a Cockermouth conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Cockermouth conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Cockermouth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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How familiar is the practice with lease extension legislation? If they are not ALEP accredited then why not?
Cockermouth Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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Is anyone aware of any major works in the near future that could increase the maintenance costs? This question is helpful as a) areas could result in problems in the block as the common areas may begin to deteriorate if repairs remain unpaid b) if the leaseholders have a dispute with the managing agents you will need to have full disclosure What is the service charge and ground rent on the flat?
Me and my wife are about to complete on the purchase a property in Cockermouth but as a consequence of wreckage from the recent storms I have negotiated compensation from the seller of £2k in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process but the bank will not permit this. Should they have been involved?
The conveyancer being on a bank approved list is obliged to disclose to the bank of any variations to the purchase price. If you were to refuse your property lawyer to notify the reduction to your bank then they would have no choice but to discontinue acting for you and the bank.