My brother and I have recently bought a property in Padstow. We have since encountered a number of issues with the property which we believe were missed in the conveyancing searches. Is there anything we can do? What searches should? have been ordered as part of conveyancing in Padstow?
The query is vague as to the nature of the problems and if they are relate to conveyancing in Padstow. Conveyancing searches and investigations undertaken as part of the buying process are designed to help avoid problems. As part of the legal transfer of property, a property owner answers a document called a SPIF. If the information turns out to be inaccurate, you may have a misrepresentation claim against the owner 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 Padstow.
I am the only beneficiary of my late grandmother’s will and I have everything in my name alone, including the my former home in Padstow. Conveyancing formalities meant that the Land Registry date was in May. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', meaning my property ownership could be treated the same way as though I had purchased the house in May. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many banks would take a sensible view as this clause primarily exists to pick up on the purchase and immediately sell or the quick reselling of properties.
Is it the case that all Padstow conveyancing solicitors on the Leeds Building Society conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. The majority of banks do list licenced conveyancers on their panel in which case such organisation would be governed by the Council of Licensed Conveyancers.
I have decided to exercise my right to buy my property in Padstow off the council. I have a mortgage offer with Virgin Money. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
Will my conveyancer be making enquiries concerning flooding during the conveyancing in Padstow.
Flooding is a growing risk for lawyers dealing with homes in Padstow. There are those who acquire a house in Padstow, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a various searches that may be undertaken by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Padstow. The standard completed inquiry forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to discover whether the premises has historically flooded. If flooding has previously occurred and is not revealed by the vendor, then a buyer may issue a compensation claim as a result of such an incorrect response. The buyer’s solicitors may also commission an environmental search. This will reveal whether there is a recorded flood risk. If so, further investigations will need to be initiated.
I'm buying a new build house in Padstow with a loan from Alliance & Leicester . The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not disclose to my lawyer about this deal as it may affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Padstow I like with open areas and station in the vicinity, however it only has 52 remaining years left on the lease. There is not much else in Padstow for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.