Last November we completed a house move in Padstow. We have since encountered a number of problems with the house which we suspect were omitted in the conveyancing searches. What action can we take? Can you clarify the nature of searches that needed to have been ordered for conveyancing in Padstow?
It is not clear from the question as to the nature of the problems and if they are relate to conveyancing in Padstow. Conveyancing searches and due diligence initiated during the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, the vendor answers a document referred to as a SPIF. If the information provided is inaccurate, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Padstow.
We are selling our flat in Padstow. Will my conveyancer have to be required to be on the Leeds Building Society conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
I am buying a property in Padstow. A rare aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Virgin Money your lawyer must check the formal requirements contained in Part 2 of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook stipulates minimum specifications for solar panel roof-space leases, and solicitors are required to report to Virgin Money where a lease does not comply with these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Padstow.
I'm at the point of viewing flats in Padstow and I am about to put in an offer. Should I already have a conveyancer in place at this point? I will be getting a mortgage with Barclays.
It would be sensible to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are seeking a mortgage with Barclays, make sure you remember to check that your lawyer is on the Barclays conveyancing panel.
I am selling my apartment. I had a double glazing fitted in July 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Skipton are being pedantic. The Padstow solicitor who is on the Skipton conveyancing panel is saying indemnity insurance will be fine but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton 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.
How does conveyancing in Padstow differ for new build properties?
Most buyers of new build residence in Padstow approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Padstow usually purchase 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 Padstow or who has acted in the same development.
I was recommended by a number of estate agents in Padstow to choose a property lawyer on your site. What’s the financial upside for Estate Agents to recommend your services ahead of a competitor’s?
We refuse to make any commission for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
What makes a Padstow lease problematic?
There is nothing unique about leasehold conveyancing in Padstow. Most leases are unique and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
Repairing obligations to or maintain parts of the property Insurance obligations
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
Padstow Leasehold Conveyancing - Examples of Queries Prior to buying
In the main the outlay for major works are not wrapped into the service charges, albeit that there some managing agents in Padstow ask leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger works. How much is the ground rent and service charge? Are there any major works on the horizon that will increase the service costs?