All was ready to move into my new home in Bury next Thursday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company 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 UK Finance Lenders’ Handbook conditions. These obligations are not unique to conveyancing in Bury.
Please help - my lawyer says that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Bury?
The appropriate level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between Santander and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
Completion of my remortgage has taken place for my property in Bury. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Bury building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Bury conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The conveyancer must comply with the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
A colleague advised me that where I am buying in Bury I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Bury conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Bury around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Bury Education with maps and statistics, Local Amenities and other useful data concerning Bury.
It has been three months following my purchase conveyancing in Bury completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 property 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.
Back In 2009, I bought a leasehold house in Bury. Conveyancing and Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Bury who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Bury conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Bury Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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The majority of Bury leasehold apartments will be liable to pay a service bill for maintenance of the building levied by the freeholder. Should you buy the property you will have to meet this amount, usually in instalments accross the year. This may differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge for you to pay yearly, this is usually not a significant figure, say around £25-£75 but you should to check as on occasion it can be prohibitively expensive. How much is the ground rent and service charge? It would be prudent to discover as much as you can about the managing agents as they will either make your living at the property much simpler or a lot more difficult. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to practical matters such as the tidiness of the common parts. Enquire of prospective neighbours whether they are happy with their management. On a final note, investigate as to the dates that you are obliged pay the service charge to the appropriate party and precisely what it includes.
My lender have just issued us with a mortgage offer. We are using a local conveyancer in Bury last week. A couple of hours ago, our financial adviser contacted us saying that the bank said that we cannot use our solicitor as they aren't on their panel. As FTB's, we had no idea that the lender had some control over our choice Is this allowed?
You are permitted to use any lawyer you want to appoint including the said conveyancer in Bury nevertheless if they are not on the your bank's approved list you must incur an extra fee so the bank can instruct their own lawyers. sometimes it is possible your preferred conveyancing firm to get included on to the mortgage company panel. Do make the most of web-based tools including lenderpanel.com to find a conveyancing solcitor in Bury on the mortgage company panel. You can go into your high street mortgage company branch in Bury. They can recommend conveyancing solicitors in Bury on the approved list.