All was ready to move into my new home in Melbourn next Monday. 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 bank. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for banks 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 conditions. These obligations are not unique to conveyancing in Melbourn.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Melbourn so that I can pop in to their offices if necessary.
Most approved lawyers for mortgage companies carry out the vast majority of communications via Royal Mail, internet or over the phone. This enables them to carry out the conveyancing transaction no matter where you live in the country. However you should see if you have the option of attending the offices of your conveyancing lawyer if you prefer.
The deeds to our house can not be found. The lawyers who dealt with the conveyancing in Melbourn 5 years ago no longer exist. Will I be able to sell the house?
Nowadays there are duplicates made of almost everything, and your conveyancer will be aware precisely where to locate all the appropriate documentation so you can buy or dispose of your property without a hitch. Where copies can’t be located, your solicitor can put in place insurance or indemnities protecting you against future claims on the premises.
Due to the advice of my in-laws I had a survey completed on a house in Melbourn in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies may refuse to issue a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions from Nationwide. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Melbourn. Conveyancing will be smoother if you use a solicitor in Melbourn especially if they are familiar with such properties in Melbourn.
I've recently bought a leasehold flat in Melbourn. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a leasehold flat in Melbourn, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Melbourn with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease finishes on 21st October 2085
With 60 years unexpired we estimate the price of your lease extension to range between £20,000 and £23,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
We are expecting to exchange on the purchase a house in Melbourn but as a consequence of wreckage from the recent storms I have agreed reparation from the vendor of £3k taking the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process yet the mortgage company will not permit this. Why were they involved?
Any lawyer listed on the bank approved list is obliged to inform the bank of any changes to the purchase amount. If you did not allow your conveyancing practitioner to report the price change to your lender then they would need to discontinue representing you and the bank.