All was ready to move into my new home in Chew Magna next Monday. 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 mortgage company. 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 UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Chew Magna.
Can I be sure that the Chew Magna conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Chew Magna obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer handling your conveyancing.
Two weeks ago we had a mortgage agreed in principle with Nationwide. Chew Magna conveyancing lawyers have been instructed. What is the average time that one could expect to receive a mortgage offer from Nationwide?
Some lenders take longer than others. Have Nationwide done the valuation? Have you advised Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
HSBC have agreed my mortgage in principle, my offer on a apartment in Chew Magna has been agreed to, what happens next?
Your property agent will wish to know who your solicitors are (be sure the conveyancing practitioners are on the lender’s approved list). Telephone HSBC or your financial adviser and finalise any appropriate forms. HSBC will instruct a valuer who will get in contact with the estate agent or seller to arrange an appointment. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. HSBC will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Chew Magna.
Will commercial conveyancing searches disclose planned roadworks that may impact a commercial property in Chew Magna?
Many commercial conveyancing solicitors in Chew Magna will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Chew Magna. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Chew Magna.
For every commercial conveyancing transaction in Chew Magna it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Chew Magna commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Chew Magna.
I am looking for a ground for flat up to £305k and identified one close by in Chew Magna I like with amenity areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Chew Magna for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they 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.
Can you provide any advice for leasehold conveyancing in Chew Magna with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chew Magna can be bypassed if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers’ conveyancers. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Chew Magna leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you dont have the consents to hand do not contact the landlord without contacting your lawyer first. Some Chew Magna leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing. You believe that you know the number of years remaining on your lease but it would be wise to double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
I bought a studio flat in Chew Magna, conveyancing having been completed in 1999. Can you work out an approximate cost of a lease extension? Comparable flats in Chew Magna with a long lease are worth £179,000. The ground rent is £65 levied per year. The lease runs out on 21st October 2082
With 57 years left to run we estimate the premium for your lease extension to range between £26,600 and £30,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
What is the distinction between surveying and conveyancing in Chew Magna?
Conveyancing - in Chew Magna or elsewhere - is the process of legally transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you find out about the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the vendor to fix the problems prior to you complete your move.