All was ready to move into my new home in Hamworthy 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 bank. What does the insurance need 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 UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Hamworthy.
Is there a reason why leasehold purchase conveyancing in Hamworthy costs more?
Hamworthy leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I have decided to exercise my right to buy my property in Hamworthy off the council. I have a mortgage agreed with Skipton. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
Completion of my purchase has taken place for my property in Hamworthy. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I have finally had an offer on a flat in Hamworthy accepted, the sellers do however have a dependent purchase. The owners have put an offer on a property, but it’s not been accepted yet, and are looking at other properties booked. I have selected a local conveyancing solicitor in Hamworthy. What do I do now? When should I get the mortgage application with RBS started?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then valuation, Hamworthy conveyancing search charges, etc). First, you should ensure that your lawyer is on the RBS approved list. Regarding the subsequent phase this very much dictated by the circumstances of your transaction, motivation for the property and on the state of the market. In a hot market many purchasers would apply for the mortgage with RBS and pay for the valuation and only if it was satisfactory would they pay their solicitor to proceed with searches.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Hamworthy I like with open areas and station nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Hamworthy for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Can you provide any advice for leasehold conveyancing in Hamworthy from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hamworthy can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers’ conveyancers. Some Hamworthy leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unresolved.
I am the registered owner of a ground floor flat in Hamworthy, conveyancing formalities finalised 4 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Hamworthy with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2092
With just 66 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
I am soon to exchange buying a house in Hamworthy but as a result of damage from the recent storms I have agreed recompense from the vendor of four thousand pounds taking the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process however the mortgage company will not permit this. Should they have been informed?
Your lawyer that is on a mortgage company conveyancing panel is obliged to advise the lender of any amendments to the purchase figure. If you prohibit your lawyer to notify the reduction to your lender then they would have no choice but to discontinue acting for you and the mortgage company.