My partner and I have lately bought a house in Coningsby. We have noticed several problems with the house which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been conducted as part of conveyancing in Coningsby?
The question is vague as to the nature of the problems and if they are specific to conveyancing in Coningsby. Conveyancing searches and due diligence undertaken during the legal transfer of property are carried out to help avoid problems. As part of the legal transfer of property, a property owner answers a form called a Seller’s Property Information Form. answers ends up being misleading, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Coningsby.
Do banks and building societies provide you with an approved list of Coningsby conveyancing solicitors? How do you know who is on the UBS conveyancing panel?
Coningsby conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
This question may be naive but I am unexperienced as a first time purchaser of a ground floor flat in Coningsby. Do I receive the keys to the house on the completion date from my lawyer? If so, I will use a High Street conveyancing solicitor in Coningsby?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the seller's conveyancers, and shortly after the monies have arrived, you will be called to pick up the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
I am being advised by my lawyer that lack of right of way insurance is required on my purchase. What is the level of cover for Coningsby conveyancing?
The appropriate level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Birmingham Midshires and The Mortgage Works. Conveyancing practitioners as opposed to borrowers take out such insurances.
Are all Coningsby Conveyancing Quality Solicitors on the Bank of Ireland conveyancing panel?
It is true that some lenders now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
How does conveyancing in Coningsby differ for newly converted properties?
Most buyers of new build or newly converted property in Coningsby contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Coningsby usually acquire the real estate, 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 conveyancing solicitors 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 used to new build conveyancing in Coningsby or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Coningsby I like with open areas and railway links nearby, the downside is that it's only got 51 years on the lease. There is not much else in Coningsby in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.