I am hoping to complete my purchase in Langland next Friday. My lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
All property lawyers 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 obligations are not unique to conveyancing in Langland.
I am buying a property and the conveyancer has identified Chancel Repair to which the house may be liable as it falls into the area of such a church. He has mentioned insurance. Is this really appropriate for conveyancing in Langland
Unless a previous purchase of the house completed post 12 October 2013 you can take it that solicitors handling conveyancing in Langland to continue to advocate a chancel search and or chancel repair liability policy.
My wife and I have a terraced Victorian house in Langland. Conveyancing practitioner acted for me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Langland and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing lawyer who conducted the work.
I'm purchasing my first flat in Langland with a mortgage from Virgin Money. The builders refused to move on the price so I negotiated 6k of extras instead. The estate agent suggested that I not to tell my lawyer about the deal as it could put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
In my capacity as executor for the estate of my aunt I am selling a residence in Cardiff but I am based in Langland. My solicitor (based 260 kilometers from mehas requested that I sign a stat dec ahead of the transaction finalising. Could you suggest a conveyancing practitioner in Langland to attest and place their company stamp on the document?
Technically speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are located in Langland
I am employed by a long established estate agent office in Langland where we have witnessed a few flat sales put at risk as a result of short leases. I have received inconsistent advice from local Langland conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 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.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
Langland Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
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Who is in charge of the block? In the main the outlay for major works are not included within maintenance charges, although there some managing agents in Langland ask leasehold owners to contribute towards a reserve fund created for the specific intention of establishing a fund for major works. It is important to be aware if changing the roof or some other major work is anticipated that will be shared between the leaseholders and may well materially impact the level of the service charges or require a specific invoice.