Due to complete my purchase in Faringdon next Monday. My property 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 lender. What risks does the bank expect the insurance 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 instructions. These requirements are not limited to conveyancing in Faringdon.
I have Fifty Six years remaining on my lease and require a lease extension for my flat in Faringdon. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 16/5/2025 the requirements read as follows :
Should my solicitor be raising questions regarding flooding as part of the conveyancing in Faringdon.
Flooding is a growing risk for solicitors dealing with homes in Faringdon. There are those who buy a property in Faringdon, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a various searches that can be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Faringdon. The standard property information forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to discover if the property has historically flooded. In the event that the residence has been flooded in past and is not notified by the vendor, then a buyer may commence a legal claim for losses resulting from an misleading answer. The purchaser’s lawyers will also commission an environmental search. This will higlight if there is any known flood risk. If so, more detailed inquiries should be conducted.
Due to the advice of my in-laws I had a survey completed on a house in Faringdon before instructing solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies tend not grant a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Faringdon. Conveyancing may be slightly more expensive based on your lender's requirements.
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At this site receive an accurate costs illustration via a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Faringdon. As opposed to estate agents and many comparison sites we do not charge firms a fee if you appoint them for your property ownership legalities in Faringdon
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Faringdon. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Faringdon are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Faringdon so you should seriously consider shopping around for a Faringdon conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.
I invested in buying a split level flat in Faringdon, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Faringdon with a long lease are worth £202,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2082
You have 57 years left to run we estimate the premium for your lease extension to range between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.