Due to complete my purchase in Oldham next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
All property lawyers 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 requirements. These requirements are not limited to conveyancing in Oldham.
My stepmother advised me that in purchasing a property in Oldham there may be a number of restrictions prohibiting external changes to a property. Is this right?
We are aware of a number of properties in Oldham which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Oldham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
is it true that all Oldham solicitor practices on the Aldermore conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Aldermore conveyancing panel they would need to be governed by the SRA. The majority of lenders do permit licenced conveyancers on their panel and in such a situation the practice would be overseen by the Council of Licensed Conveyancers.
My husband and I have arranged a further advance on our mortgage from RBS as we want to conduct renovations to our house in Oldham. Do we need to appoint a local Oldham solicitor on the RBS conveyancing panel to deal with the legals?
RBS don't usually instruct firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS conveyancing panel.
I need some expedited conveyancing in Oldham as I am under pressure to complete in less than one month. Fortunately I do not need a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are are a mortgage free buyer you are at liberty not to do searches although no lawyer would recommend that you don't. Drawing on years of experience of conveyancing in Oldham the following are examples of issues that can show up and adversely impact the marketability of the property: Refused Planning Applications, Overdue Charges, Outstanding Grants, Road Schemes,...
I opted to have a survey carried out on a property in Oldham ahead of instructing conveyancers. I have been advised that there is a flying freehold element to the house. My surveyor advised that some lenders may not issue a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Oldham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Oldham to see if the conveyancing will be more expensive.
Is it possible to change firm as I have to instruct a firm on the Coventry Building Society conveyancing list. I had appointed a high street conveyancing solicitor in Oldham five minutes from me but he is not accepted by Coventry Building Society
It would be our pleasure to help you select a conveyancing solicitor in Oldham on the Coventry Building Society panel. Please note that the law firms that we list do not pay us a referral fee if you instruct them and are regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Oldham. In utilising the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Oldham.
I've recently bought a leasehold house in Oldham. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a ground floor flat in Oldham, conveyancing was carried out in 2011. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Oldham with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease runs out on 21st October 2081
With just 56 years remaining on your lease we estimate the premium for your lease extension to be between £29,500 and £34,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.