All was ready to move into my new home in Ryde 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 bank 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 requirements. These obligations are not limited to conveyancing in Ryde.
My uncle passed away 10 months ago and as sole heir and executor I was left the house in Ryde. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this allowed?
If you intend to re-mortgage then Aldermore will require that you use a conveyancer on the Aldermore conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore mortgage is registered as a charge at the Land Registry.
I need some quick conveyancing in Ryde as I am under an ultimatum to sign on the dotted line in less than one month. A mortgage is not required. Can I escape the need for conveyancing searches to save money and time?
As you are are a cash purchaser you have the choice not to have searches carried out although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in Ryde the following are instances of issues that can show up and adversely affect market value: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
I am buying a new build flat in Ryde. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Ryde
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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? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Hoping to buy a property located in Ryde and I am already nervous. I couldn't find anything specific about Ryde. Conveyancing will be needed in due course but do you know about the Ryde area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Ryde. In the meantime here are some basic statistics that we found
We expect to complete our sale of a £350,000 maisonette in Ryde in just under a week. The landlords agents has quoted £312 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Ryde?
For the majority of leasehold sales in Ryde conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-exchange enquiries
Where consent is required before sale in Ryde
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a 1st floor flat in Ryde, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Ryde with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2084
With 59 years left to run we estimate the price of your lease extension to be between £20,900 and £24,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.