Due to complete my purchase in Farnham Common next Thursday. My conveyancer now wants me to supply her with evidence 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 risks does the bank expect the insurance 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 UK Finance Lenders’ Handbook instructions. These requirements are not unique to conveyancing in Farnham Common.
Forgive me if this question is silly but I am new to the process as FTB of a garden flat in Farnham Common. Do I pick up the keys to the house on completion from my solicitor? If this is the case, I will instruct a local conveyancing solicitor in Farnham Common?
On the day of completion you will not be required to go to the conveyancers office in Farnham Common. Conveyancing lawyers for you will transfer the purchase money to the owner’s lawyers, and once they have received this, you should be invited to receive the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
My wife and I purchasing a victorian detached house in Farnham Common. The intention is to convert the garage to a playroom at the property.Will legal due diligence on the property involve investigations to see if these alterations were previously refused?
Your conveyancer will review the deeds as conveyancing in Farnham Common can on occasion identify restrictions in the title deeds which prohibit categories of alterations or require the consent of a 3rd party. Certain extensions call for local authority planning consent and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these things with a surveyor before you commit yourself to a purchase.
Completion of my purchase has taken place for my property in Farnham Common. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Should our conveyancer be asking questions regarding flooding during the conveyancing in Farnham Common.
Flooding is a growing risk for solicitors dealing with homes in Farnham Common. There are those who acquire a house in Farnham Common, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a various checks that may be carried out by the purchaser or by their conveyancers which should give them a better understanding of the risks in Farnham Common. The standard completed inquiry forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to discover whether the premises has ever been flooded. If flooding has previously occurred which is not revealed by the vendor, then a purchaser may issue a compensation claim as a result of such an inaccurate answer. A purchaser’s conveyancers should also carry out an environmental report. This should reveal if there is a recorded flood risk. If so, additional inquiries will need to be conducted.
I am purchasing a new build house in Farnham Common with a mortgage from Barclays Direct. The builders refused to reduce the amount so I negotiated 6k of extras instead. The house builders rep told me not disclose to my lawyer about the deal as it will adversely affect my mortgage with Barclays Direct. Should I keep quiet?.
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.
Last May I purchased a leasehold flat in Farnham Common. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Farnham Common Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
If a Farnham Common lease has no more than 80 years it will impact the salability of the property. Check with your mortgage company that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably need a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will be be obliged to have owned the residence for a couple of years in order to be entitled to carry out a lease extension. This information is helpful as a) areas can result in problems in the building as the common areas may begin to deteriorate if services remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to know about it In the main the outlay for major works tend not to be included within maintenance charges, although there some managing agents in Farnham Common obliged leaseholders to pay into a sinking fund created for the specific intention of establishing a fund for major works.