Due to complete my purchase in Riding Mill next Thursday. 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 lender. What does the insurance need 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Riding Mill.
Why is leasehold purchase conveyancing in Riding Mill is more expensive?
Riding Mill leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant 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.
My brother-in-law has suggested I instruct a conveyancing solicitor in Riding Mill. I need to find out whether they are accepted on the Barnsley Building Society approved list of lawyers. Could you help?
The first thing you should do is phone your conveyancer and ask them if they are on the lender panel. Alternatively you can get in touch with Barnsley Building Society who may be able to confirm.
We are close to exchanging contracts on the sale of our house in Riding Mill and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any high street Riding Mill conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using an internet conveyancing firm as opposed to a conveyancing solicitor in Riding Mill. We have lived in Riding Mill for three years we know of no issue. Do we get in touch with our local Authority to seek confirmation need.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I have been on the look out for a ground for flat up to £245,000 and identified one round the corner in Riding Mill I like with a park and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Riding Mill suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may 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 about this.
I have just started marketing my basement flat in Riding Mill. Conveyancing solicitors are to be appointed soon, but I have just had a half-yearly service charge invoice – what should I do?
The sensible thing to do is discharge the service charge as normal as all rents and service charges should be apportioned on completion, so you will be reimbursed 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a garden flat in Riding Mill, conveyancing having been completed 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Riding Mill with over 90 years remaining are worth £185,000. The ground rent is £65 yearly. The lease ceases on 21st October 2085
You have 60 years left to run we estimate the price of your lease extension to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.