All was ready to complete my purchase in Edith Weston next Thursday. 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 lender. 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 UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Edith Weston.
I had intended to instruct a property lawyer in Edith Weston for our house move. Our financial adviser has since notified us that our mortgage company Yorkshire Building Society won't deal with them. Surely this is unduly restrictive?
A decade ago most banks had an appetite for risk which was higher than today. Almost all Edith Weston conveyancing firms would have been on many mortgage company panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms relating to their operations and their employees as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Edith Weston conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Edith Weston is amongst the thousands of areas where the solicitors we recommend are on the panel for Yorkshire Building Society.
This question may be naive but I am new to the process as a first time buyer of a ground floor flat in Edith Weston. Do I receive the keys to the premises on completion from my lawyer? If so, I will find a High Street conveyancing solicitor in Edith Weston?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the owner’s solicitors, and once they have received this, you will be able to pick up the keys from the Estate Agents and move into your new home. Usually this occurs early afternoon.
I am the only beneficiary of my late mum's estate and I have everything in my name now, including the house in Edith Weston. The Edith Weston property was put into my name in December. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my property ownership could be treated the same way as though I had purchased the house in December. Is the property unsalable for six months?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Most mortgage companies would take a pragmatic view as this clause principally exists to identify the purchase and immediately sell or the wholesaling and assigning of properties.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, UBS are being problematic. The Edith Weston solicitor who is on the UBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but UBS are insisting on a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS 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.
I am purchasing a property and the solicitor has raised the issue of Chancel Repair for which the property may be liable as it falls into the area of such a church. She has mentioned insurance. Is this strictly appropriate for conveyancing in Edith Weston
Unless a previous purchase of the premises took place after 12 October 2013 you could expect solicitors carrying out conveyancing in Edith Weston to continue to propose a a chancel search and or insurance against a claim.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Edith Weston is where the house is located. Can you shed any light on this issue?
Flying freeholds in Edith Weston 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 Edith Weston you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Edith Weston may decide 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 premises.
When it comes to leasehold conveyancing in Edith Weston what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Edith Weston. All leases are unique and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building Repairing obligations to or maintain parts of the building
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Mortgage Works, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I purchased a 1 bedroom flat in Edith Weston, conveyancing formalities finalised April 1999. How much will my lease extension cost? Equivalent flats in Edith Weston with over 90 years remaining are worth £221,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2096
With just 70 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.