All was ready to complete my purchase in Midhurst next Friday. My conveyancing practitioner 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 bank expect the insurance to cover?
Any lawyer 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 requirements. These obligations are not limited to conveyancing in Midhurst.
Why do I have to pay up front when it comes to conveyancing in Midhurst?
Where you are retaining lawyers for conveyancing in Midhurst your lawyer will request that you place them with funds to cover the search fees. Normally this is asked for to cover the fees of the Local Authority Search. If any down payment is as part of the purchase price then this will be needed shortly in advance of contracts are exchanged. Any further balance that is due should be sent to your lawyer shortly before completion.
How does conveyancing in Midhurst differ for newly converted properties?
Most buyers of new build or newly converted property in Midhurst contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Midhurst usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Midhurst or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Midhurst before instructing solicitors. I have been informed that there is a flying freehold element to the house. My surveyor has said that some banks will not grant a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Midhurst. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Midhurst to see if the conveyancing costs will increase in light of this.
My wife and I purchased a leasehold house in Midhurst. Conveyancing and Norwich and Peterborough Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Midhurst who acted for me is not around. What should I do?
First contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Midhurst conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Midhurst Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
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Does the lease have onerous restrictions? Can you inform me if there are any major works anticipated that could increase the maintenance costs?
Should I stop the direct debit for my mortgage with Santander once a completion date for my sale in Midhurst has been agreed?
You would be well advised to continue paying any mortgage sums to Santander pending the mortgage being discharged on completion as part of your Midhurst conveyancing.