All was ready to move into my new home in Lightwater next Tuesday. 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 mortgage company. What risks does the bank expect the insurance 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 conditions. These obligations are not limited to conveyancing in Lightwater.
As someone not used to conveyancing in Lightwater what is your top tip you can impart for the legal transfer of property in Lightwater
You may not hear this from too many lawyers but conveyancing in Lightwater or throughout Surrey is often a confrontational process. In other words, when it comes to conveyancing there is an abundance of opportunity for friction between you and other parties involved in the legal transfer of property. E.g., the vendor, selling agent and sometimes your mortgage company. Appointing a law firm for your conveyancing in Lightwater is a critical decision as your conveyancer is your adviser, and is the ONE person in the transaction whose responsibility is to look after your best interests and to protect you.
We are witnessing a worrying increase of a "blame" culture- someone must be at fault for the process taking so long. You your first instinct should be to trust your solicitor above the other players when it comes to the legal transfer of property.
My stepmother informed me that in buying a property in Lightwater there could be various restrictions prohibiting external changes to the property. Is this right?
There are anumerous of properties in Lightwater which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Lightwater should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I currently have a mortgage with Principality for my property in Lightwater. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
Principality must be informed of your intention before letting out your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel lawyer.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Lightwater building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Lightwater conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their published requirements. Who do I believe?
As long as the property lawyer is on the bank panel, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am downsizing from our property in Lightwater and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. Any local lawyer would know that there is no such problem. It does beg the question why the purchasers are using a factory type conveyancing outfit rather than a conveyancing solicitor in Lightwater. We have lived in Lightwater for many years we know that this is a non issue. Do we get in touch with our local Authority to seek confirmation that there is no issue.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You must check with 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 sickness)
In my capacity as executor for the estate of my grandfather I am selling a residence in Newport but live in Lightwater. My solicitor (who is 250 kilometers from merequires that I execute a stat dec ahead of the transaction finalising. Can you recommend a conveyancing practitioner in Lightwater to witness and place their company stamp on the document?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or solicitor will do regardless of whether they are located in Lightwater
What makes a Lightwater lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Lightwater. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Mortgage Works, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.
I own a 1st floor flat in Lightwater, conveyancing having been completed in 2004. How much will my lease extension cost? Comparable properties in Lightwater with over 90 years remaining are worth £165,000. The ground rent is £50 per annum. The lease ceases on 21st October 2103
With just 78 years unexpired the likely cost is going to span between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.