I am hoping to complete my purchase in Lakenheath next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
All property lawyers 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 UK Finance Lenders’ Handbook instructions. These obligations are not specific to conveyancing in Lakenheath.
My partner and I are at the point of looking at apartments in Lakenheath and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with Principality.
It would be prudent to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are getting a mortgage with Principality, make sure you remember to check that your lawyer is on the Principality conveyancing panel.
Completion of my purchase has taken place for my property in Lakenheath. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I am due to exchange contracts on my apartment. I had a double glazing fitted in September 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, RBS are being difficult. The Lakenheath solicitor who is on the RBS conveyancing panel is recommending indemnity insurance as a solution but RBS are insisting on a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Lakenheath differ for new build properties?
Most buyers of new build premises in Lakenheath contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Lakenheath usually 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 conveyancers 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 used to new build conveyancing in Lakenheath or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Lakenheath I like with a park and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Lakenheath in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
Is it simple use your search tool to find a conveyancing solicitor in Lakenheath on the authorised to act for my lender?
1st select a bank such as Barclays , Chelsea Building Society or TSB then type in your location such as Lakenheath. Conveyancing practices in Lakenheath and across England and Wales will then be identified.
Back In 2001, I bought a leasehold house in Lakenheath. Conveyancing and Coventry Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Lakenheath who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Lakenheath conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the registered owner of a 1st floor flat in Lakenheath, conveyancing having been completed in 1997. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Lakenheath with over 90 years remaining are worth £222,000. The ground rent is £50 per annum. The lease finishes on 21st October 2095
With only 70 years left to run the likely cost is going to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other 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.