I am hoping to complete my purchase in Cann Hall 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 lender. What risks does the lender expect the insurance to cover?
All property lawyers on acting for banks 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 conditions. These requirements are not unique to conveyancing in Cann Hall.
I have been told that property searches are a common reason for hinderance in Cann Hall conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Cann Hall.
Are there restrictive covenants that are commonly identified as part of conveyancing in Cann Hall?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cann Hall. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Cann Hall differ for new build properties?
Most buyers of new build or newly converted property in Cann Hall come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Cann Hall usually buy the land, 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 accustomed to new build conveyancing in Cann Hall or who has acted in the same development.
My father has suggested that I use his lawyers for conveyancing in Cann Hall. Should I find my own conveyancer?
There are no two ways about it it’s preferable to choose a conveyancing practitioner is to have referrals from friends or relatives who have actually experience in using the solicitor you're contemplating using.
We are in the middle of buying a residence in Cann Hall. Conveyancing lawyer has called to say the property is "Leasehold". Should this impact our mortgage valuation?
Cann Hall conveyancing does not in most situations involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability significantly.
At the other extreme, if it's, say, 50 years it will have a significant effect on the saleability, and probably wouldn't be acceptable to the bank. The remaining lease term and ground rent will be stated in the lease to be supplied to your conveyancer.