I am hoping to move into my new home in Kettering next Friday. 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 lender. 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 requirements. These requirements are not limited to conveyancing in Kettering.
Are the Kettering conveyancing solicitors identified as being on the Virgin Money conveyancing panel, together with their details provided by Virgin Money?
Kettering conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
We are buying a property and the conveyancer has identified Chancel Repair to which the house may be liable given it’s proximity to the area of such a church. He has recommended insurance. Is this really required for conveyancing in Kettering
Unless a previous purchase of the house took place post 12 October 2013 you may take it that lawyers delivering conveyancing in Kettering to remain recommending a chancel search and or insurance against a claim.
How does conveyancing in Kettering differ for new build properties?
Most buyers of new build or newly converted property in Kettering contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Kettering typically acquire the site, 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 conveyancing solicitors 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 Kettering or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Kettering is where the house is located. Can you shed any light on this issue?
Flying freeholds in Kettering are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Kettering you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kettering may ascertain 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 residence.
I own a leasehold house in Kettering. Conveyancing and Lloyds TSB Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Kettering who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Kettering conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a ground floor flat in Kettering, conveyancing formalities finalised in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Kettering with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2078
With just 53 years remaining on your lease we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.