My wife and I are hoping to purchase a home in Burton upon Trent and have instructed a Burton upon Trent conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Leeds Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Burton upon Trent solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Burton upon Trent lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Due to move into my new home in Burton upon Trent next Friday. My conveyancer 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?
Any lawyer 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 limited to conveyancing in Burton upon Trent.
Will my solicitor be making enquiries concerning flooding during the conveyancing in Burton upon Trent.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Burton upon Trent. There are those who acquire a house in Burton upon Trent, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Burton upon Trent. The standard completed inquiry forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to find out if the property has historically flooded. In the event that the premises has been flooded in past which is not notified by the seller, then a purchaser could issue a claim for damages resulting from an misleading response. A purchaser’s conveyancers should also commission an enviro search. This will indicate if there is a recorded flood risk. If so, additional investigations should be conducted.
I have todaydiscovered that Action Conveyancing have been shut down. They conducted my conveyancing in Burton upon Trent for a purchase of a freehold house 12 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The easiest method to check if the premises is registered to you, 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 Burton upon Trent conveyancing specialists.
How does conveyancing in Burton upon Trent differ for new build properties?
Most buyers of new build or newly converted property in Burton upon Trent come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because house builders in Burton upon Trent typically acquire the real estate, 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 used to new build conveyancing in Burton upon Trent or who has acted in the same development.
Can you provide any top tips for leasehold conveyancing in Burton upon Trent from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Burton upon Trent can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers’ representatives. Some Burton upon Trent leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Burton upon Trent leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord consenting to such alterations. If you dont have the approvals in place do not contact the landlord without checking with your lawyer before hand. If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unresolved.
Burton upon Trent Leasehold Conveyancing - A selection of Queries before buying
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Is the freehold owned collectively by the tenants? How long is the Lease? How many of the leaseholders are in arrears for their maintenance charge payments?