I am hoping to complete my purchase in Harrogate next Thursday. 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 bank. What risks does the lender expect the insurance to cover?
All property lawyers 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 Part 2 requirements. These obligations are not limited to conveyancing in Harrogate.
Can you explain why leasehold purchase conveyancing in Harrogate is more expensive?
The conveyancing fees on a leasehold property in Harrogate is inevitably more expensive than on a freehold residence. This is due to the additional work necessary in liaising with the freeholder and management company to collate the information concerning whether the rent and maintenance fee have been cleared and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
I am the sole beneficiary of my late mum's will with all property in now in my sole name, including the house in Harrogate. Conveyancing formalities meant that the Land Registry date was in October. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship could be regarded the same way as if I'd bought the property in October. Will no one buy the property for half a year?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How sensible a view banks take of it, depend on the mortgage company as this clause principally exists to pick up on the purchase and immediately sell or the flipping of properties.
is it true that all Harrogate solicitors on the Yorkshire BS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel in which case such firms would be governed by the CLC.
Intending to buy a apartment in Harrogate. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Santander conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Harrogate property lawyer is on the Santander conveyancing panel.
Are there restrictive covenants that are commonly identified as part of conveyancing in Harrogate?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Harrogate. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Harrogate is where the house is located. Is there any guidance you can give?
Flying freeholds in Harrogate 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 Harrogate you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Harrogate may determine 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 property.
Do you have any advice for leasehold conveyancing in Harrogate with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Harrogate can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors. If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a new share certificate can be a time consuming process and frustrates many a Harrogate conveyancing transaction. If a reissued share is required, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity. Some Harrogate leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
Leasehold Conveyancing in Harrogate - A selection of Queries before Purchasing
-
Is the freehold reversion owned jointly by the tenants? What prohibitions are contained in the Harrogate Lease? The majority of Harrogate leasehold flats will be liable to pay a service bill for the upkeep of the block levied on behalf of the management company. Where you purchase the flat you will have to meet this amount, usually in instalments throughout the year. This can differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent for you to pay annual, this is usually not a significant amount, say around £25-£75 but you need to enquire as occasionally it could be surprisingly expensive.