I am hoping to complete my purchase in Fleetwood next Thursday. My solicitor now wants me to supply her with proof 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 mortgage company. What does the insurance need 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 requirements. These requirements are not specific to conveyancing in Fleetwood.
Please explain the implications if my solicitor is expelled from the Santander Conveyancing panel ahead of completing my conveyancing in Fleetwood?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Should my solicitor be raising enquiries concerning flooding as part of the conveyancing in Fleetwood.
Flooding is a growing risk for lawyers dealing with homes in Fleetwood. Some people will acquire a property in Fleetwood, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, but there are a various checks that can be carried out by the buyer or by their conveyancers which should give them a better understanding of the risks in Fleetwood. The standard property information forms supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the owner to find out whether the premises has ever been flooded. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer may issue a legal claim for losses stemming from an incorrect reply. A buyer’s conveyancers may also order an enviro search. This should higlight whether there is a recorded flood risk. If so, further inquiries will need to be initiated.
I have recentlybeen informed that Wolstenholmes have been shut down. They conducted my conveyancing in Fleetwood for a purchase of a leasehold flat 18 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 property is in your name, 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 Fleetwood conveyancing specialists.
I've found a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Fleetwood. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Fleetwood ?
The majority of houses in Fleetwood are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Fleetwood so you should seriously consider shopping around for a Fleetwood conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should report to you on the legal implications.
Leasehold Conveyancing in Fleetwood - Sample of Questions you should ask before Purchasing
-
The answer will be important as a) areas may cause problems in the block as the communal areas may start to deteriorate where maintenance remain unpaid b) if the leaseholders have a dispute with the running of the building you will need to have complete disclosure How much is the ground rent and service charge? How long is the Lease?
What happens where there is an issue with the searches carried out as part of our conveyancing in Fleetwood?
Usually, almost all issues that arise in Fleetwood conveyancing search responses can be dealt with in advance of completion or title insurance could possibly be put in place. You need to remember that although you are purchasing the property and may be willing to accept the search results, your building society or bank may not, and when all said and done they have the final say.