Due to move into my new home in Redditch 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 lender 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 conditions. These requirements are not limited to conveyancing in Redditch.
Can you explain why leasehold purchase conveyancing in Redditch is more expensive?
Redditch leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I bought my house on 1 July and my personal details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Redditch advises it will be dealt with in less than a month. Are titles in Redditch particularly slow to register?
As far as conveyancing in Redditch registration is no faster or slower than anywhere else in the country. Rather than based on location, timescales can adjust depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any third parties. At present in the region of 80% of such applications are completed in less than three weeks but occasionally there can be longer delays. Registration is effected after the purchaser is living at the property therefore an expedited registration is not typically primary concern but where there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Redditch differ for newly converted properties?
Most buyers of new build residence in Redditch come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Redditch typically buy the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Redditch or who has acted in the same development.
What does commercial conveyancing in Redditch cover?
Non domestic conveyancing in Redditch covers a broad array of guidance, offered by qualified solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Redditch. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Redditch are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Redditch in which case you should be looking for a Redditch conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should advise you fully on all the issues.
I inherited a split level flat in Redditch, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Redditch with over 90 years remaining are worth £192,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2079
With 54 years remaining on your lease the likely cost is going to span between £32,300 and £37,400 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.