All was ready to move into my new home in Linton 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 mortgage company 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 requirements. These obligations are not specific to conveyancing in Linton.
This question may be naive but I am new to the home moving as a 1st time purchaser of a ground floor flat in Linton. Do I receive the keys to the premises on the completion date from my solicitor? If so, I will instruct a local conveyancing solicitor in Linton?
On the day of completion you will not be required to go to the conveyancers office in Linton. Your solicitors will electronically transfer the purchase money to the seller's conveyancers, and shortly after the monies have arrived, you will be called to receive the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
I'm the sole beneficiary of my late father’s estate with all property in now in my sole name, including the house in Linton. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be treated the same way as though I had purchased the property in December. Do I have to wait 6 months to sell?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. Some mortgage companies would take a sensible view as this obligation is principally there to identify subsales or the quick reselling of properties.
Intending to buy a flat in Linton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Linton lawyer is on the Leeds Building Society conveyancing panel.
I own a semi-detached Edwardian house in Linton. Conveyancing lawyer acted for me and Birmingham Midshires. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register for 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 Linton and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing practitioner who conducted the conveyancing.
About to purchase a new build flat in Linton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Linton
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Please confirm the Lease plans are architect prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? 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.
I am looking for a flat up to £235,500 and identified one close by in Linton I like with a park and railway links in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Linton suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the shortness of the lease may be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 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 current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Should I be wary that brokers that I am dealing with are recommending a factory type conveyancing firm rather than a High Street Linton conveyancing company?
As is the case with many service providers, often suggestions from connections can be extremely useful or valuable. But there are many players in a conveyancing matter; estate agents, financial adviser and mortgage companies might all put forward conveyancers to retain. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there might be a commercial relationship behind the recommendation. You have the right to appoint your own lawyer. Don't forget that most banks operate an approved list of solicitors you have to use for the mortgage related work in your house move.