Due to complete my purchase in Portslade next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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 mortgage company expect the insurance to cover?
All property lawyers 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 UK Finance Lenders’ Handbook instructions. These requirements are not specific to conveyancing in Portslade.
Will commercial conveyancing searches disclose proposed roadworks that could affect a commercial premises in Portslade?
Its becoming the norm that commercial conveyancing solicitors in Portslade will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Portslade. 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 Portslade.
For every commercial conveyancing transaction in Portslade it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may result in delays to Portslade commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Portslade.
I'm buying a new build house in Portslade with the aid of help to buy. The developers would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not inform my lawyer about this extras as it will impact my loan with TSB. Should I keep quiet?.
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.
Due to the input of my in-laws I had a survey completed on a property in Portslade before retaining conveyancers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some lenders may not grant a loan on such a house.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. If you contact us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Portslade. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it possible to transfer to a new conveyancer as I need to select one who is on the Nottingham Building Society conveyancing list. I hired a local conveyancing solicitor in Portslade round the corner but the firm is not accepted by Nottingham Building Society
It would be our pleasure to assist you find a conveyancing solicitor in Portslade on the Nottingham Building Society panel. Please note that the solicitors that we list do not pay us a referral fee if you instruct them and are fully regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Portslade. Using the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Portslade.
Last June I purchased a leasehold property in Portslade. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a basement flat in Portslade, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Portslade with an extended lease are worth £202,000. The ground rent is £60 invoiced annually. The lease ceases on 21st October 2082
With just 57 years unexpired the likely cost is going to be between £28,500 and £33,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.