I am hoping to complete my purchase in Braunton next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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 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 conditions. These obligations are not unique to conveyancing in Braunton.
We're in Braunton, First time buyers purchasing with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have recentlybeen informed that Arc property Solicitors have been shut down. They conducted my conveyancing in Braunton for a purchase of a leasehold flat 12 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The quickest way to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Braunton conveyancing specialists.
I am looking for a ground for flat up to £305k and found one round the corner in Braunton I like with a park and transport links in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Braunton for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I've recently bought a leasehold flat in Braunton. Do I have any liability for service charges relating to a period prior to 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Braunton Leasehold Conveyancing - Sample of Questions you should consider before buying
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For many Braunton leaseholds the cost for major works tend not to be wrapped into the service charges, although there some managing agents in Braunton ask tenants to contribute towards a sinking fund and this is used to offset against major works. How is the lease structured? It is important to be aware whether a new roof is being installed or some other significant cost is due in the foreseeable future that will be shared amongst the leasehold owners and may well dramatically impact the level of the maintenance charges or result in a one off invoice.
How up-to-date is your database of lawyers on the bank conveyancing panel in Braunton? Do the banks send you an updated list?
Braunton firms and firms carrying out conveyancing in Braunton themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the lender directly.