All was ready to move into my new home in Canton next Friday. 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 lender. What does the insurance need to cover?
All property lawyers on acting for banks 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 conditions. These requirements are not limited to conveyancing in Canton.
Completed the sale of my flat in Canton last April but our buyer keeps texting every few hours to say their lawyer is waiting to hear from mine. What should my lawyer have done now that I have sold?
Following your sale your lawyer should deliver the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. Depending on the transaction, your solicitor should also confirm that the legal charge in favour of the lender has been paid off to the buyers conveyancers. There are no post completion formalities just for conveyancing in Canton.
five months have elapsed since my purchase conveyancing in Canton completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Canton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Canton
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Canton I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Canton in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
Given that I am about to part with over three hundred thousand on a two bedroom apartment in Canton I would like to have a conversation with the solicitor about mytransaction in advance of appointing the firm. Is this something that you can arrange?
We could not agree more - it is our preference to talk to you we do not take any clients on without you liaising with the conveyancer due to be conducting your conveyancing in Canton.There is no ‘factory style conveyancing’ - each client is unique person, not a case number. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Canton should be the figure that you end up paying.