I am hoping to complete my purchase in Repton next Thursday. My lawyer 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 lender. What risks does the lender expect the insurance to cover?
Any lawyer 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 Part 2 requirements. These obligations are not unique to conveyancing in Repton.
Finally the sale completed on my house in Repton last September yet the purchaser is texting daily to moan that her conveyancer needs to hear from mylawyer. What should my lawyer have done following completion?
After completion of your sale your conveyancer is obliged to send the transfer documentation and all of the paperwork to the buyer’s conveyancer. Depending on the transaction, your conveyancer should also send confirmation that the home loan has been paid off to the purchasers lawyers. There are no post completion tasks specific conveyancing in Repton.
I just bought a flat at auction in Repton. Conveyancing is required. What is next?
Given that you are now exchanged you must retain a conveyancing solicitor soon as you now have a tight a drop dead date to complete the transaction. An auction property should have a bespoke legal pack. This will include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the legal papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You must hand this to the lawyer working for you as soon as possible. Do make sure that your finances are organised to complete on the on the contractual date .
My uncle pointed out to me me that in purchasing a property in Repton there may be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
There are a number of properties in Repton which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Repton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have a mortgage agreed in principle with HSBC. Repton conveyancing lawyers were chosen. What is the average time that one could expect to receive a mortgage offer from HSBC?
There is no definitive answer here. Have HSBC conducted the survey? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Just had an offer accepted on a new build apartment in Repton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Repton
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Repton I like with amenity areas and railway links in the vicinity, however it only has 52 remaining years left on the lease. There is not much else in Repton suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I’m about to sell my ground floor flat in Repton. Conveyancing is yet to be initiated, however I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all rents and maintenance invoices will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents 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.
I own a garden flat in Repton, conveyancing was carried out August 2008. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Repton with over 90 years remaining are worth £179,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2082
With 57 years unexpired the likely cost is going to be between £26,600 and £30,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.