All was ready to complete my purchase in Ilkley next Tuesday. My conveyancing practitioner 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 does the insurance need 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 conditions. These obligations are not specific to conveyancing in Ilkley.
We are downsizing from our property in Ilkley and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any local conveyancer would know that there is no such problem. It does beg the question why the buyers used a factory type conveyancing firm as opposed to a conveyancing solicitor in Ilkley. Having lived in Ilkley for six years we know of no issue. Do we contact our local Authority to get clarification need.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
My wife and I have a 4 bedroom Georgian house in Ilkley. Conveyancing lawyer acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ilkley and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Ilkley differ for new build properties?
Most buyers of new build premises in Ilkley come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because builders in Ilkley usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Ilkley or who has acted in the same development.
I am employed by a busy estate agency in Ilkley where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given contradictory information from local Ilkley conveyancing firms. Please can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Ilkley - Examples of Queries before buying
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It would be sensible to find out as much as you can regarding the company managing the block as they can either make life much simpler or problematic. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to daily matters like the cleanliness of the common parts. Enquire of other people whether they are happy with them. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending the funds. Generally speaking the cost for major works tend not to be included within maintenance charges, although a few managing agents in Ilkley obliged tenants to pay into a sinking fund created for the specific purpose of establishing a fund for larger repairs or maintenance. The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and although a managing agent is frequently retained if the building is larger than a house conversion, the managing agent retained by the leaseholders.
I'm selling a flat in Ilkley. I can find my conveyancer's company on the Law Society's list, but I can't see my conveyancer's name as listed on the regulator's website. Is this a big problem?
Not all staff in the practice must be listed by the regulator. Provided there is a manager qualified to 'oversee' the transaction, the actual day-to-day activity can be undertaken by unlicensed staff.