Due to complete my purchase in Mortimer next Thursday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank 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 requirements are not specific to conveyancing in Mortimer.
I got the keys to my apartment on 1 March and the transaction details is yet to be on the land registry website. Should I be concerned? My conveyancing solicitor in Mortimer said it should be formalised in less than a month. Are transfers in Mortimer uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Mortimer registration formalities. As opposed to being determined by geographic area, timeframes can vary subject to who lodges the application, whether it is in order and if the Land registry must send notices to any 3rd parties. As of today roughly three quarters of submission are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Registration is effected once the purchaser is living at the premises thus post completion formalities is not always top priority but where it is urgent that the the registration takes place urgently then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
I'm buying a new build house in Mortimer benefiting from help to buy. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not reveal to my lawyer about the deal as it could affect my loan with Halifax. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Mortimer is the location of the property. Can you shed any light on this issue?
Flying freeholds in Mortimer are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mortimer you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mortimer may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How do I locate a Mortimer solicitor on the Godiva Mortgages Ltd conveyancing panel? I have wheels and am willing to travel upto 20kilometers to meet the conveyancer.
Feel free to make use of the facility on this page. Please select a lender and your location and you will see a number of Mortimer conveyancing lawyers locally. We have detailed some Mortimer conveyancing firms at the bottom of this page and you can call them to verify whether they are on the Godiva Mortgages Ltd panel
Estate agents have just been given the go-ahead to market my 2 bed flat in Mortimer. Conveyancing solicitors are to be appointed soon, but I have recently had a yearly maintenance charge demand – Do I pay up?
It best that you discharge the maintenance contribution as you normally would as all rents and service payments should be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I own a 2 bed flat in Mortimer, conveyancing formalities finalised December 2008. Can you work out an approximate cost of a lease extension? Similar properties in Mortimer with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2080
With 55 years left to run we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.