Please explain the implications if my solicitor is suspended from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in Olney?
The first thing to point out is that, this is very unlikely to happen. 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 for a fee.
I am being advised by my conveyancer that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Olney?
The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
I am due to exchange contracts on my apartment. I had a double glazing fitted in January 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Leeds Building Society are being difficult. The Olney solicitor who is on the Leeds Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Leeds Building Society are requiring a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Nationwide have agreed my mortgage in principle, my bid on a property in Olney has been accepted, now what?
Your property agent will need to be advised as to your property lawyer's details (ensure that the property lawyers are on the bank’s approved list). Contact Nationwide or the broker and finalise any appropriate documentation. Nationwide will appoint a valuer who will get in touch with the estate agent or seller to arrange a slot for the valuation to happen. Once conducted (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Nationwide will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Olney.
Do commercial conveyancing searches reveal proposed roadworks that may affect a commercial premises in Olney?
Its becoming the norm that commercial conveyancing solicitors in Olney will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Olney. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Olney.
For every commercial conveyancing transaction in Olney it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Olney commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Olney.
How does conveyancing in Olney differ for newly converted properties?
Most buyers of new build or newly converted property in Olney contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Olney 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 Olney or who has acted in the same development.
I decided to have a survey completed on a property in Olney before instructing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies may refuse to issue a mortgage on such a house.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Olney. Conveyancing may be slightly more expensive based on your lender's requirements.
What makes a Olney lease unmortgageable?
Leasehold conveyancing in Olney is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Skipton Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
Leasehold Conveyancing in Olney - A selection of Queries before Purchasing
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What restrictions exist in the Olney Lease? It would be sensible to find out as much as possible regarding the managing agents as they can either make your life much easier or problematic. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the upkeep of the common parts. Don't be afraid to ask other people what they think of their service. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and precisely what it includes.