All was ready to complete my purchase in Corston next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer 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 conditions. These requirements are not limited to conveyancing in Corston.
I had intended to instruct a conveyancing solicitor in Corston for our house move. Our financial adviser informed us that our bank Platform Home Loans Ltd won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies tend to restrict either the type or the volume of conveyancing practices on their member panel. A common example of such restriction(s) being that a firm must have two or more partners. As well as restricting the type of firm, some have limited the amount of solicitor practices they use to act for them. Be aware that Platform Home Loans Ltd have no responsibility for the quality of advice provided by any member of Platform Home Loans Ltd Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there remains differing opinions regarding the extent of solicitor engagement in some of that fraud. Data from the Land Registry indicate that plenty of law firms, including some in or near Corston only execute a couple conveyances a year.
I have justbecome aware that Wolstenholmes have been shut down. They conducted my conveyancing in Corston for a purchase of a leasehold apartment 9 months ago. How can I check that my home is in my name in the name of the previous owner?
The quickest method to check if the property 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 Corston conveyancing specialists.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Corston is where the house is located. Can you offer any opinion?
Flying freeholds in Corston are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Corston you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Corston may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My husband and I are first time buyers - agreed a price, yet the estate agent advised that the vendor will only go ahead if we instruct the agent's recommended conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family conveyancer with experience of conveyancing in Corston
It is improbable the sellers are driving this. Should the vendor desire ‘a quick sale', turning down a genuine buyer is counter productive. Try to communicate with the vendors directly and explain that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you will continue to instruct your own,trusted Corston conveyancing firm - not the ones that will provide the estate agent a introducer fee or hit his conveyancing targets set by HQ.
I’m about to sell my garden apartment in Corston. Conveyancing lawyers have not yet been instructed, however I have just received a yearly service charge demand – Do I pay up?
It best that you clear the invoice as usual given that all rents and service charges will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a ground floor flat in Corston, conveyancing having been completed 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Corston with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2078
With 53 years left to run we estimate the premium for your lease extension to range between £27,600 and £31,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.