I am hoping to complete my purchase in Poundbury next Thursday. My solicitor now wants me to supply her with proof 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 lender. 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 Part 2 instructions. These obligations are not unique to conveyancing in Poundbury.
I am helping my mother sell her property in Poundbury. Does the solicitor commission an EPC or should I organise this?
After the abolition of Home Information Packs, energy assessments was maintained a compulsory part of selling a property. An energy assessment should be to hand prior to the property being advertised. This is not a task that lawyers ordinarily arrange. If you are instructing a Poundbury conveyancing practitioner they may be willing to arrange energy performance certificates due to their contacts with reputable Poundbury providers
We are getting the release of further monies on our home loan from HSBC as we intend to conduct a loft conversion to our house in Poundbury. Do we need to select a bricks and mortar Poundbury solicitor on the HSBC conveyancing panel to deal with the paperwork?
HSBC do not ordinarily instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC list.
I am buying a property in Poundbury. A rare aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Principality your lawyer must comply with the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Principality. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and solicitors are required to report to Principality where a lease does not satisfy these conditions. The requirements relate to the installation of panels on properties in England and Wales and is not isolated to Poundbury.
I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in Poundbury I like with open areas and station nearby, the downside is that it only has 51 years on the lease. There is not much else in Poundbury suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension 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 solicitor about this.
My husband and I are new to the buying process - had an offer accepted, but the agent has warned us that the seller will only go ahead if we use the agent's chosen lawyers as they want an ‘expedited deal’. We would rather use a high street solicitor with experience of conveyancing in Poundbury
It is unlikely the sellers are driving this. Should the vendor want ‘a quick sale', turning down a serious purchaser is is going to put the whole deal at risk. Contact the vendors directly and make the point that (a)you are motivated purchasers (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you will continue to appoint your preferred Poundbury conveyancing lawyers - not the ones that will give the negotiator at the agency a kickback or hit his conveyancing thresholds pre-set by HQ.
My wife and I are acquiring a first floor flat in Poundbury. When we first instructed conveyancer, they said that they were on all mainstream mortgage company panels. The mortgage broker emailed today to advise that they are not on the Co-operative approved list. Were it to be true, what should we do? Should we just pick a different lawyer that is on their panel or should we pay for separate representation, with Co-operative appointing their own preferred conveyancer.
Where you are acquiring a property requiring a mortgage it is usual for the buyer’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a conveyancer has to be on that lender's list of approved lawyers. An application has to be made by the solicitor to the lender to become a member of the lender's panel and there are increasingly strict conditions which the lawyer has to satisfy. Some mortgage companies now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancer should call Co-operative to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Co-operative's conveyancing panel and you may continue to use your own Poundbury solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.