Unfortunately I am unable to travel far from Corby. Please explain the reason why all Corby conveyancers are not on all lender panels?
A decade ago most lenders demonstrated an attitude to risk which is different than today. The financial regulator in 2010 instigated a thematic review into fraud which concluded: know the conveyancing practitioners on your panel. Accordingly, mortgage companies have subsequently requiredmore data from law firms concerning their processes and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Many firms have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the minimum volume of transactions the lenders insisted on.
I am hoping to complete my purchase in Corby next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the bank 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 UK Finance Lenders’ Handbook instructions. These requirements are not unique to conveyancing in Corby.
I have been told that property searches are a common cause of delay in Corby conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Corby.
I am purchasing a new build house in Corby with a mortgage from HSBC Bank. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not to tell my solicitor about this extras as it may affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Corby is the location of the property. Can you offer any guidance?
Flying freeholds in Corby are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Corby you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Corby may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Corby. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Corby ?
The majority of houses in Corby are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Corby so you should seriously consider looking for a Corby conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.
Corby Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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How many of the leaseholders are in arrears for their service charge payments? For most Corby leaseholds the cost for major works are not included within maintenance charges, although some managing agents in Corby ask leaseholders to contribute towards a reserve fund and this is used to offset against larger works. It would be wise to enquire if the the lease contains any unreasonable restrictions in the lease. For instance plenty of leases prohibit pets being permitted in in a block in Corby. If you like the apartmentin Corby but your cat can’t move with you then you will be faced hard decision.