Due to move into my new home in Selsey next Monday. My property 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 does the insurance need to cover?
All property lawyers 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 requirements are not specific to conveyancing in Selsey.
How up to date is your database of Selsey solicitors on the Kent Reliance conveyancing panel? Do Kent Reliance send you an updated list?
Selsey conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.
Is there a search tool that I can utilise to find out if the solicitor handling my conveyancing in Selsey is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Godiva Mortgages Ltd thus spending £175.00 in further conveyancing bill.
You should make use of the find a lender approved solicitor tool on this site. Pick the lender and type ‘Selsey’ or your location and you will see a number of lawyer located in Selsey or nearest you.
A colleague advised me that in purchasing a property in Selsey there may be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of a number of properties in Selsey which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Selsey should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Selsey bank branch on a couple of occasions and was told it wasn't an issue and they will lend. My Selsey conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend based on their specific requirements. Who do I believe?
The conveyancer has to comply with the Council of Mortgage Lenders’ Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Selsey solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Selsey postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Selsey.
I purchased a terraced Edwardian property in Selsey. Conveyancing lawyer represented me and Bank of Scotland. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Selsey and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing solicitor who conducted the conveyancing.
I have been on the look out for a flat up to £235,500 and identified one near me in Selsey I like with open areas and station nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Selsey for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years may be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.