All was ready to move into my new home in Holmrook next Friday. 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 bank. What does the insurance need to cover?
Any lawyer 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 UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Holmrook.
It is a dozen years since I purchased my home in Holmrook. Conveyancing lawyers have now been retained on the sale but I am unable to find the deeds. Is this a major issue?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they may stored with the solicitor who oversaw your purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Holmrook involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
We are planning to purchase with Norwich and Peterborough Building Society. We have called around locally but am unable to find a Holmrook conveyancing firm on the Norwich and Peterborough Building Society approved list. Could you assist?
You should take advantage of the find a lender approved solicitor tool on this site. Please choose the mortgage company and type Holmrook or your location and you will discover a number of lawyer based in Holmrook or by proximity to you.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Holmrook is the location of the property. What do you suggest?
Flying freeholds in Holmrook are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Holmrook you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Holmrook may decide 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.
My cousin has suggested that I appoint his conveyancing solicitors in Holmrook. Do I follow his advice?
No doubt it’s preferable to find a conveyancing practitioner is to have referrals from friends or family who have actually experience in using the conveyancer you're are thinking of instructing.
Last July I purchased a leasehold house in Holmrook. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a ground floor flat in Holmrook, conveyancing was carried out in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Holmrook with an extended lease are worth £255,000. The ground rent is £45 per annum. The lease finishes on 21st October 2098
With 73 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.