Is the fact that my conveyancer in Bredbury is not on my mortgage company's conveyancing panel that there is a problem with the standard of her work?
That is most likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Bredbury conveyancing firm and ask them why they are no longer on the approved list for your bank.
I am hoping to move into my new home in Bredbury 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 mortgage company. What does the insurance need 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 UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Bredbury.
Will my conveyancer be raising questions regarding flooding as part of the conveyancing in Bredbury.
Flooding is a growing risk for conveyancers dealing with homes in Bredbury. There are those who acquire a house in Bredbury, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a numerous checks that can be initiated by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Bredbury. The conventional set of property information forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the seller to find out whether the premises has suffered from flooding. In the event that the property has been flooded in past which is not disclosed by the vendor, then a purchaser could bring a compensation claim as a result of such an inaccurate reply. The buyer’s solicitors should also carry out an environmental search. This should disclose whether there is a recorded flood risk. If so, further inquiries will need to be carried out.
3 months have gone by since my purchase conveyancing in Bredbury took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. 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 residence 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.
I opted to have a survey carried out on a property in Bredbury ahead of instructing conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some lenders tend refuse to grant a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. If you call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bredbury. Conveyancing may be slightly more expensive based on your lender's requirements.