I am hoping to complete my purchase in Pendlebury next Friday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender 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 Part 2 instructions. These obligations are not unique to conveyancing in Pendlebury.
We expect to receive a AIP from Co-operative this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Co-operative recommend any Pendlebury solicitors on the Co-operative conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Pendlebury solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
After shopping around on the internet I have found a Pendlebury solicitor having made sure that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Pendlebury surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Co-operative have agreed my mortgage in principle, my bid on a apartment in Pendlebury has been accepted, what happens next?
The estate agent will wish to be informed of your conveyancer's details (make sure the conveyancers are on the bank’s panel). Contact Co-operative or your broker and finalise any appropriate documentation. Co-operative will instruct a valuer who will get in touch with the estate agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes about a fortnight to receive the mortgage offer. Co-operative will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Pendlebury.
Will my conveyancer be making enquiries regarding flooding as part of the conveyancing in Pendlebury.
Flooding is a growing risk for conveyancers dealing with homes in Pendlebury. There are those who buy a property in Pendlebury, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, however there are a number of checks that can be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Pendlebury. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to find out whether the property has ever been flooded. If the premises has been flooded in past and is not disclosed by the seller, then a purchaser could issue a claim for damages stemming from an inaccurate answer. A purchaser’s solicitors may also conduct an environmental report. This should disclose if there is any known flood risk. If so, additional inquiries will need to be conducted.
three months have elapsed since my purchase conveyancing in Pendlebury completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently bought a leasehold house in Pendlebury. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee 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).
Pendlebury Leasehold Conveyancing - A selection of Queries before buying
-
It is important to be aware whether window replacement or some other significant cost is due in the foreseeable future to be shared by the leasehold owners and could well dramatically increase the the maintenance charges or require a one off invoice. What is the length of the lease? In the main the cost for major works tend not to be included within service charges, although there some managing agents in Pendlebury require leasehold owners to contribute towards a reserve fund and this is used to offset against major repairs or maintenance.
My partner and I are looking at buying our first property in Pendlebury. Can you recommend a cheap Pendlebury conveyancer that will act for us as well as act for Santander?
The purpose of this site is restricted to being a directory service for solicitors who want to be listed as being on the approved conveyancing panel for Santander in certain areas such as Pendlebury . We dont recommend any specific solicitor.