Due to complete my purchase in Bolton next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders 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 limited to conveyancing in Bolton.
Why is leasehold purchase conveyancing in Bolton is more expensive?
In short, leasehold conveyancing in Bolton and elsewhere usually warrants additional work compared to freehold transactions. This includes lease investigation, corresponding with the landlord about the service of applicable notices, procuring up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
There are a variety of conveyancing solicitors in Bolton but how do I know who's good?
It would be unwise to be tempted by the lowest Bolton conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Is it the case that all Bolton conveyancing solicitors on the Lloyds conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Lloyds conveyancing panel they would need to be regulated by the SRA. The majority of banks do allow licenced conveyancers on their panel in which case such firms would be governed by the CLC.
We had selected solicitors based in Bolton on the Santander solicitor panel. They are now charging me an additional fee for dealing with the Santander mortgage. Is this an additional conveyancing fee specified by Santander?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your conveyancer can charge a fee for this. This charge is not set by Santander but by your Bolton solicitor. Plenty of firms on the Santander panel will quote ’dealing with mortgage’ fee and others do not.
Just bought a terraced house in Bolton , how long should it take for the Land Registry to register my ownership? My Bolton conveyancing solicitor works at snail pace, so I want to check that my purchase is recorded.
As far as conveyancing in Bolton is concerned, registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can vary depending on the party submitting the application, whether there are errors and whether the Land registry communicate with any third parties. At present approximately three quarters of submission are completed within 12 days but occasionally there can be extensive delays. Historically registration occurs after the buyer is living at the property so an expedited registration is not always an essential issue but if it is urgent that the the registration takes place urgently then you or your lawyers can communicate with the Registry to express the reasoning for the application to be prioritised.
I am buying a new build house in Bolton with the aid of help to buy. The builders would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not disclose to my conveyancer about the side-deal as it would affect my mortgage with Birmingham Midshires. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Bolton I like with amenity areas and station nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Bolton suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.