All was ready to move into my new home in Drakes Cross next Thursday. 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 bank. What risks does the bank expect the insurance to cover?
Any lawyer 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 Part 2 conditions. These obligations are not unique to conveyancing in Drakes Cross.
I am buying a property in Drakes Cross. One unusual aspect is that the roof has a solar panel. Nationwide have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Nationwide your lawyer must check the formal requirements contained in Section two of UK Finance Lenders’ Handbook for Nationwide. The CML Handbook contains minimum provisions for solar panel roof-space leases, and solicitors are required to report to Nationwide where a lease does not comply with these requirements. The provisions relate to the installation of panels on properties nationwide and is not limited to Drakes Cross.
My fiancee and I are spending time looking at apartments in Drakes Cross and I am now considering a potential offer. Is it sensible to have my solicitor on ‘stand by’? I intend to finance via a mortgage with Coventry BS.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are taking out a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
I am selling my flat. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Santander are being a right pain. The Drakes Cross solicitor who is on the Santander conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Santander are insisting on a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase a new build flat in Drakes Cross. 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.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Drakes Cross
-
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Drakes Cross is the location of the property. Is there any guidance you can give?
Flying freeholds in Drakes Cross are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Drakes Cross you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Drakes Cross 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.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Drakes Cross. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Drakes Cross are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Drakes Cross so you should seriously consider shopping around for a Drakes Cross conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
I bought a studio flat in Drakes Cross, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Drakes Cross with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2096
You have 71 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
We are considering using a web based conveyancer ahead of a Drakes Cross conveyancing practice. Any advice?
Numerous benefits exist in being able to visit a local Drakes Cross conveyancing solicitor such as
- signing documents and and when necessary
- getting face-to-face explanations of matters you don't understand
- the ability to raise concerns if things go pear-shaped
When checking quotes, look out for hidden extras. The majority decent Drakes Cross high street solicitors give an all-inclusive price. Many online companies appear to offer discounted prices, but have burried 'extras' in the fine print.