All was ready to move into my new home in Finedon next Friday. My lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the lender expect the insurance to cover?
All property lawyers on acting for mortgage companies 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 requirements are not unique to conveyancing in Finedon.
In what way does my ID and proof of funds have anything to do with my conveyancing in Finedon? Is this really warranted?
In order to comply with Money Laundering Regulations any Finedon conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, conveyancers are duty bound to validate not only the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may result in your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Finedon. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/6/2025, the requirements read as follows :
three months have elapsed following my purchase conveyancing in Finedon took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 have been on the look out for a flat up to £195,000 and identified one round the corner in Finedon I like with amenity areas and station nearby, however it only has 51 years on the lease. There is not much else in Finedon in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan that many years may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Back In 2004, I bought a leasehold flat in Finedon. Conveyancing and The Mortgage Works mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Finedon who previously acted has now retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Finedon conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a 2 bed flat in Finedon, conveyancing having been completed 10 years ago. How much will my lease extension cost? Equivalent properties in Finedon with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2092
With only 67 years remaining on your lease the likely cost is going to range between £10,500 and £12,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.