I am hoping to complete my purchase in Knutsford next Friday. My solicitor 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 mortgage company. 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 Part 2 requirements. These obligations are not limited to conveyancing in Knutsford.
Forgive me if this question is silly but I am unseasoned as a first time buyer of a garden flat in Knutsford. Do I receive the keys to the property on the completion date from my conveyancer? If this is the case, I will use a local conveyancing solicitor in Knutsford?
On the day of completion you do not need to attend the conveyancers office in Knutsford. Your solicitors will arrange to send the completion advance to the seller's lawyers, and once they have received this, you should be called to receive the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
I am aiming to move property in June. Does my conveyancing solicitor call the removal company on the day of completion. On a separate note, can you recommend a removal company in Knutsford. Conveyancing lawyer was found before I stumbled across your site.
On the afternoon of completion you will need to collect the house keys from the property agent but this can only take place after the sellers conveyancers inform the agent that the monies to complete are in and the keys can be passed over. You can inform the removal men that you are ready to move in. We do not suggest a particular removal company but can help you choose a residential property solicitor in Knutsford or a firm that specialises in conveyancing in Knutsford.
Please help - my lawyer says that lack of building regulations insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Knutsford?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Accord Mortgages Ltd and The Mortgage Works. Conveyancing lawyers as opposed to borrowers take out such policies.
About to purchase a new build flat in Knutsford. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Knutsford
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are surveyor prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Due to the encouragement of my in-laws I had a survey completed on a house in Knutsford prior to retaining conveyancers. I have been advised that there is a flying freehold element to the house. My surveyor has said that some banks may refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Knutsford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Knutsford to see if the conveyancing costs will increase in light of this.
I am tempted by the attractive purchase price for a two maisonettes in Knutsford both have in the region of forty five years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Knutsford is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and banks, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Knutsford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Knutsford Leasehold Conveyancing - Sample of Questions you should ask before buying
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Its a good idea to find out as much as possible about the managing agents as they can either make living at the property much easier or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the common parts. Enquire of other tenants what they think of their management. On a final note, find out the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes. It is important to be aware if redecorating or some other major work is pending that will be shared by the leaseholders and will materially impact the level of the maintenance fees or necessitate a specific payment.
I bought a property in Knutsford last 29/12/2023 and to date it is still not registered with HM Land Registry. It is part of a development site and my property lawyer told me that it can take twelve months to register. I have contacted HM Land Registry directly and they say that the initial application was cancelled due to failure to reply to requisitions. Do I need to be concerned?
It is your property lawyer that you must turn to here in order to satisfy any questions which have arisen as part of the registration formalities for your Knutsford property. Normal Knutsford conveyancing practice includes an undertaking on the part of the seller's lawyer that they will assist in resolving any requirements raised by HMLR so it may be a case of taking action to enforce that undertaking if necessary.