I am hoping to complete my purchase in Old St Mellons 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 mortgage company expect the insurance to cover?
All property lawyers on acting for lenders 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 requirements are not unique to conveyancing in Old St Mellons.
I am buying a new build house in Old St Mellons benefiting from help to buy. The sellers would not move on the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not reveal to my conveyancer about the deal as it may jeopardize my loan with the bank. 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 am looking for a ground for flat up to £235,500 and identified one near me in Old St Mellons I like with a park and railway links nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Old St Mellons for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Taking into account that I am about to part with over three hundred thousand on 3 bedroom house in Old St Mellons I would like to have a conversation with the solicitor about myconveyancing prior to instructing the firm. Is this something that you can arrange?
This is something that we recommend - we would be pleased to talk to you we do not take any clients on without you speaking to the conveyancer who will be doing your property ownership legalities in Old St Mellons.There is no ‘factory style conveyancing’ - each client is an important individual, not a case reference. The practices that we put you in touch with believe that the fees you are quoted for residential conveyancing in Old St Mellons should be the figure that you end up paying.
My cousin has urged me to appoint his conveyancers in Old St Mellons. Should I choose my own conveyancer?
Much as we are happy to recommend a Old St Mellons conveyancing lawyer it’s preferable to choose a conveyancing solicitor is to get referrals from friends or relatives who have used the firm that you are are thinking of instructing.
Can you provide any advice for leasehold conveyancing in Old St Mellons from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Old St Mellons can be reduced if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers’ representatives. Some Old St Mellons leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Obtaining a replacement share certificate can be a time consuming formality and delays many a Old St Mellons home move. If a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Old St Mellons state that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you fail to have the approvals in place you should not communicate with the landlord without contacting your lawyer first.
Old St Mellons Leasehold Conveyancing - Examples of Queries Prior to buying
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It would be prudent to find out if there are any onerous prohibitions in the lease. For instance some leases prohibit pets being allowed in in a block in Old St Mellons. If you like the apartmentin Old St Mellons yet your cat is not allowed to move with you then you will be presented with a hard compromise. It is important to be aware whether redecorating or some other major work is coming up that will be shared between the leasehold owners and will dramatically impact the level of the service fees or require a one time invoice. Many Old St Mellons leasehold flats will have a service bill for maintenance of the block invoiced on behalf of the management company. If you buy the flat you will have to meet this charge, usually in instalments accross the year. This can differ from several hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge for you to pay yearly, this is usually not a significant sum, say around £25-£75 but you need to enquire it because sometimes it could be surprisingly expensive.