All was ready to move into my new home in Didcot next Thursday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
Any lawyer 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 limited to conveyancing in Didcot.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Didcot. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Santander, pay off the mortgage. Is this possible?
Given you plan to refinance then Santander will require that you use a conveyancer on the Santander conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Santander conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Santander mortgage is registered as a charge at the Land Registry.
It has been three months since my purchase conveyancing in Didcot completed. I have checked the Land Registry website which shows that I paid £175,000 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.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a simple, no chain conveyancing. Didcot is where the house is located. Is there any advice you can give?
Flying freeholds in Didcot are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Didcot you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Didcot may determine 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 father has recommend that I appoint his lawyers for conveyancing in Didcot. Should I find my own property lawyer?
There are no two ways about it it’s preferable to select a conveyancing solicitor is to get referrals from friends or relatives who have used the firm that you are are thinking of instructing.
I am attracted to a two flats in Didcot which have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Didcot. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease deteriorates and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field.
Leasehold Conveyancing in Didcot - A selection of Questions you should consider Prior to buying
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Be sure to discover if the the lease contains any adverse restrictions in the lease. For example plenty of leases prohibit pets being allowed in in a block in Didcot. If you love the flatin Didcot however your cat can’t move with you then you have a very difficult compromise. Plenty Didcot leasehold properties will incur a service bill for maintenance of the block levied by the freeholder. Should you buy the flat you will have to meet this amount, normally in instalments throughout the year. This can vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a ground rent to be met annual, this is usually not a large sum, say around £50-£100 but you should to enquire as occasionally it can be surprisingly expensive.