Due to complete my purchase in Redhill next Thursday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
All property lawyers 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 requirements are not specific to conveyancing in Redhill.
We see that you have a post code search directory identifying solicitors on the Virgin Money conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Redhill?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Redhill.
What happens if my solicitor is removed from the Virgin Money Solicitor panel ahead of completing my conveyancing in Redhill?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Should our conveyancer be raising enquiries about flooding during the conveyancing in Redhill.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Redhill. Plenty of people will purchase a property in Redhill, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a various searches that may be carried out by the buyer or by their solicitors which can give them a better understanding of the risks in Redhill. The standard completed inquiry forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the seller to find out whether the premises has ever been flooded. If flooding has previously occurred which is not revealed by the vendor, then a buyer could issue a claim for damages as a result of such an inaccurate answer. A buyer’s conveyancers should also conduct an enviro report. This will reveal if there is a recorded flood risk. If so, further investigations will need to be conducted.
Me and my brother own a 4 bedroom Georgian house in Redhill. Conveyancing practitioner acted for me and Clydesdale. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Redhill and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing practitioner who conducted the purchase.
I own a leasehold flat in Redhill. Conveyancing was completed in 21012. I have read on various advice forums that I mustn’t allow the lease length get too low. What is the reasoning?
Redhill leasehold properties are for a set term - usually 99 years when they commenced. However a significant appartments in Redhill were constructed or converted 30 or more years ago and so such leases now have under 80 years unexpired. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions tend to need leases to have a minimum of seventy five years remaining to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing eighty years. To enhance the saleability of your property you should be considering whether or not to extend your lease long before you come to sell it. Please note that there are strong financial reasons to taking action before the lease reaches even 80 years as when the lease falls below 80 years the amount you have to pay to extend starts to get a lot more expensive.