I am hoping to move into my new home in Mayfield next Monday. My conveyancer 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 lender. What risks does the lender expect the insurance 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 Part 2 instructions. These obligations are not specific to conveyancing in Mayfield.
Finally the sale completed on my house in Mayfield last November yet the purchaser is e-mailing daily to say his conveyancer needs to hear from mine. What should my lawyer have done now that I have sold?
Post completion of your disposal your solicitor is obliged to forward the transfer deeds and all additional paperwork to the buyer’s solicitors. If applicable, your lawyer should also evidence that the legal charge in favour of the lender has been redeemed to the buyers solicitors. There is unlikely to be post completion steps just for conveyancing in Mayfield.
I am close to exchanging contracts on the sale of our property in Mayfield and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A high street Mayfield conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using a web based conveyancing practice as opposed to a conveyancing solicitor in Mayfield. Having lived in Mayfield for many years we know of no issue. Is it a good idea to contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? 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 life insurance to cover that same ailment)
It has been five months since my purchase conveyancing in Mayfield completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a leasehold apartment up to £235,500 and identified one close by in Mayfield I like with a park and station in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Mayfield suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
When it comes to my conveyancing in Mayfield should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Mayfield conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.