All was ready to move into my new home in Seaford next Monday. 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?
All property lawyers on acting for banks 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 obligations are not specific to conveyancing in Seaford.
I'm the sole beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Seaford. The Seaford property was put into my name in October. I now wish to sell up. I do know about the CML six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the property in October. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How practical a view banks take of it, depend on the lender as this clause principally exists to pick up on subsales or the quick reselling of property.
It is not clear whether my lender requires a lease extension. I have called my Seaford bank branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Seaford conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend based on their published requirements. Who do I believe?
The lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Nottingham have agreed my home loan in principle, my bid on a house in Seaford has been accepted, what are the next steps?
Your property agent will want to know who your solicitors are (be sure the lawyers are on the lender’s panel). Contact Nottingham or your financial adviser and finalise any outstanding paperwork. Nottingham will sellect a valuer who will get in contact with the estate agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes on average ten days to get a mortgage offer. Nottingham will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Seaford.
What does a local search reveal regarding the house my wife and I purchasing in Seaford?
Seaford conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company such as Onsearch The local search is essential in every Seaford conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
It has been 2 months since my purchase conveyancing in Seaford concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been sourcing a conveyancing practitioner in Seaford for my sale. Can I check a solicitor's complaints history with the legal regulator?
Members of the public can search for documented Solicitor Regulator Association (SRA) determinations arising from inquisitions started on or after Jan 2008. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The regulator could monitor call for training purposes.
Last May I purchased a leasehold flat in Seaford. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a basement flat in Seaford, conveyancing formalities finalised in 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Seaford with over 90 years remaining are worth £165,000. The ground rent is £50 yearly. The lease finishes on 21st October 2102
With 77 years left to run we estimate the premium for your lease extension to be between £7,600 and £8,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.