I am hoping to complete my purchase in Merriott 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 lender. What risks does the lender 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 Part 2 instructions. These obligations are not limited to conveyancing in Merriott.
My wife and I are spending time viewing flats in Merriott and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with UBS.
It would be prudent to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are obtaining a mortgage with UBS, make sure you remember to check that your lawyer is on the UBS conveyancing panel.
I can not fathom if my lender requires a lease extension. I have called into my local Merriott building society branch on various occasions and was told they are content with the situation and they would lend. My Merriott conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
Provided that the conveyancer is on the lender panel, they must follow the CML 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Yorkshire BS have agreed my mortgage in principle, my bid on a flat in Merriott has been accepted, what happens next?
The estate agent will need to know who your solicitors are (make sure the lawyers are on the bank’s panel). Call up Yorkshire BS or the financial adviser and complete any outstanding forms. Yorkshire BS will instruct a valuer who will get in touch with the selling agent or vendor to arrange a slot for the valuation to happen. Once carried out (assuming no problems) it takes on average a week to get a mortgage offer. Yorkshire BS will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Merriott.
Should commercial conveyancing searches reveal impending roadworks that may affect a commercial site in Merriott?
Its becoming the norm that commercial conveyancing solicitors in Merriott will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Merriott. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Merriott.
For every commercial conveyancing transaction in Merriott it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Merriott commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Merriott.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Merriott I like with amenity areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Merriott in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
What does commercial conveyancing in Merriott cover?
Non domestic conveyancing in Merriott incorporates a broad range of guidance, offered by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
My husband and I are 3 weeks into a leasehold purchase having been recommend to solicitors by the selling agent to execute conveyancing in Merriott. I am not happy. Can you you assist me in finding new lawyers?
They would need to be very poor to suggest replacing them. Has the loan offer been generated? If so you must advise them of the new solicitor and ensure the loan are re-sent. The conveyancer needs to be on the mortgage company panel to avoid supplemental costs and frustration. That should be your starting point. The search tool can assist you in finding a bank approved conveyancer for your home move in Merriott