All was ready to move into my new home in Reigate 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 bank. What risks does the lender 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 instructions. These requirements are not specific to conveyancing in Reigate.
Two weeks ago we had a mortgage agreed in principle with Lloyds. Reigate conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from Lloyds?
Some lenders take longer than others. Have Lloyds completed the survey? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Planning on purchasing a apartment in Reigate. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Reigate lawyer is on the TSB conveyancing panel.
After what feels like an age I have had an offer on a maisonette in Reigate accepted, the sellers do nevertheless have a dependent purchase. The vendors have placed an offer on on an apartment, however it’s not yet agreed to, and have viewings of other properties in the pipeline. I have chosen a high street conveyancing solicitor in Reigate. What do I do now? At what stage do I apply for the mortgage with Coventry BS?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of one thousand pounds, then survey, Reigate conveyancing search costs, etc). First, you should check that your property lawyer is on the Coventry BS approved list. As to the next phase this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. In a hot market some home buyers will apply for the mortgage with Coventry BS and pay for the valuation and only if it was satisfactory would they pay their conveyancer to move forward with searches.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Reigate I like with open areas and station nearby, however it only has 49 remaining years left on the lease. There is not much else in Reigate suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage that many years will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
In my capacity as executor for the will of my uncle I am selling a property in Newport but I am based in Reigate. My conveyancer (based 260 miles from meneeds me to sign a stat dec before completion. Can you recommend a conveyancing solicitor in Reigate who can attest and place their company stamp on the document?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are based in Reigate
Estate agents have just been given the go-ahead to market my 2 bed apartment in Reigate. Conveyancing solicitors are to be appointed soon, however I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as usual as all rents and maintenance payments will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Reigate - Examples of Questions you should ask Prior to Purchasing
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What prohibitions exist in the Reigate Lease? Is the freehold reversion owned jointly by the leaseholders? Who is in charge of the building?
Me and my wife are selling a Reigate bungalow we inherited ten years ago in 2010. I have over twenty years conveyancing know-how and, although retired, wish to do the legal work. The purchaser's conveyancing practitioner has informed me that their Lenders will not allow us to do our own conveyancing insisting the funds to be passed via a solicitor's bank account.
Mortgage instructions to solicitors from all mainstream lenders specify that If the seller does not have legal representation the purchaser’s lawyers should check whether the lender needs to be told so that a decision can be made if they are prepared to move forward.