Due to move into my new home in Grenoside next Friday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
Any lawyer 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 Part 2 instructions. These requirements are not unique to conveyancing in Grenoside.
I am considering applying for a UBS mortgage for purchase of a newly converted (under development) in Grenoside with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
In theory, you could use a solicitor that is not on the UBS conveyancing panel, but UBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I am purchasing my first flat in Grenoside benefiting from help to buy. The developers would not reduce the amount so I negotiated 6k of extras instead. The property agent advised me not reveal to my solicitor about the extras as it will affect my mortgage with Skipton Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the guidance of my in-laws I had a survey completed on a property in Grenoside prior to retaining solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies tend refuse to grant a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Grenoside. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I best advised to use a Grenoside conveyancing solicitor in close proximity to the house I am hoping to buy? I have an old university friend who can handle the legal formalities but her office is a couple of hundredkilometers drive away.
The benefit of a local Grenoside conveyancing practice is that you can drop in to sign paperwork, hand in your identification documents and pester them if necessary. Having local Grenoside know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were happy that must outweigh using an unfamiliar Grenoside conveyancing lawyer just because they are Grenoside based.
What are the frequently found problems that you see in leases for Grenoside properties?
There is nothing unique about leasehold conveyancing in Grenoside. All leases are individual and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Chelsea Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I invested in buying a ground floor flat in Grenoside, conveyancing formalities finalised in 2001. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Grenoside with over 90 years remaining are worth £191,000. The ground rent is £55 per annum. The lease ends on 21st October 2077
With 53 years remaining on your lease we estimate the price of your lease extension to be between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive 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 you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.