Due to complete my purchase in Newington 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 mortgage company. What risks does the mortgage company 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 UK Finance Lenders’ Handbook requirements. These obligations are not limited to conveyancing in Newington.
My friend advised me that if I am buying in Newington I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Newington conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Newington around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Newington Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Newington Education with plans and statistics, Local Amenities and other useful data regarding Newington.
Just had an offer accepted on a new build flat in Newington. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Newington
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants.
I am looking for a leasehold apartment up to £235,500 and found one near me in Newington I like with amenity areas and station in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Newington in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I am looking at a two maisonettes in Newington both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Newington. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.
Having spent months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Newington. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Freehold Enfranchisement case for a Newington residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired term was 107 years.
My conveyancing in Newington is completing this Friday, yet the owners I am purchasing off has asked to vacate on the Saturday noon. Should I accept this?
Where you are having a loan then your solicitor will require that you have vacant possession on Friday - the bank will compel it.