I have just been advised by my IFA that my Chorley property lawyer is not on the lender Conveyancing panel. How can I check?

Your first step should be to call your Chorley conveyancer. You lawyer should inform you of the situation. Where they are not on the panel they may be able to suggest a Chorley conveyancing practice that is on the conveyancing panel for your bank.

All was ready to complete my purchase in Chorley next Monday. My lawyer 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 Part 2 requirements. These obligations are not unique to conveyancing in Chorley.

Is there a search tool that I can utilise to check that the solicitor conducting my conveyancing in Chorley is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays Direct thus spending £192.00 in additional conveyancing charges.

You should make the most of the find a lender approved solicitor tool on this site. Please choose the mortgage company and type ‘Chorley’ or your preferred area and you will see numerous conveyancers based in Chorley or by proximity to you.

I'm buying my first flat in Chorley with a mortgage from Nottingham Building Society. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not inform my conveyancer about this deal as it will affect my loan with Nottingham Building Society. Do I keep my lawyer in the dark?.

All lenders require a Disclosure of Incentives Form from the developer 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.

When it comes to leasehold conveyancing in Chorley what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Chorley. Most leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

Insurance obligations

You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, The Royal Bank of Scotland, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

Leasehold Conveyancing in Chorley - Sample of Questions you should consider before Purchasing

Are any of leasehold owners in arrears of their service charge payments? You should want to find out as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the cleanliness of the communal areas. Enquire of other tenants whether they are happy with their management. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds.