Due to move into my new home in Downend next Tuesday. My lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. 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 specific to conveyancing in Downend.
I understand that there are debates on Chancel Insurance on online forums. Do I need this when acquiring a residence in Downend? or Apparently there is an ancient law that means some homeowners residing in a parish church boundary will be compelled to contribute towards maintenance to the chancel within the church. Is this appropriate for conveyancing in Downend?
Unless a previous purchase of the house took place after 12 October 2013 you can assume that lawyers handling conveyancing in Downend to remain encouraging a chancel search and or insurance against a claim.
I have recentlyfound out that Wolstenholmes have been shut down. They carried out my conveyancing in Downend for a purchase of a leasehold apartment 18 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The easiest method 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 Downend conveyancing specialists.
About to purchase a new build apartment in Downend. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Downend
-
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. 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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I decided to have a survey carried out on a property in Downend ahead of retaining lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some lenders will refuse to grant a loan on such a house.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Downend. Conveyancing may be slightly more expensive based on your lender's requirements.
I've recently bought a leasehold property in Downend. Do I have any liability for service charges for periods before completion of my purchase?
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 ensure 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).
I bought a studio flat in Downend, conveyancing formalities finalised April 1998. Can you work out an approximate cost of a lease extension? Corresponding flats in Downend with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2103
With 77 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should 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.