Due to complete my purchase in Southmead next Friday. 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 mortgage company. 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 UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Southmead.
I can see plenty of here regarding conveyancing in Southmead but what is your top tip for appointing the right conveyancer in Southmead
It would be unwise to be swayed by the cheapest Southmead conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I am the single recipient of my late mum's estate and I have everything in my name now, including the house in Southmead. The Southmead property was put into my name in December. I plan to dispose of the house. I understand that there is a CML six month 'rule', meaning my property ownership may be treated the same way as though I had purchased the property in December. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. many mortgage companies would take a sensible view as this obligation is primarily there to identify the purchase and immediately sell or the flipping of properties.
When it comes to lenders such as UBS, do Southmead lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
My wife and I are downsizing from our property in Southmead and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any high street Southmead conveyancer would know that there is no such problem. It does beg the question why the purchasers used a web based conveyancing outfit as opposed to a conveyancing solicitor in Southmead. We have lived in Southmead for 5 years we know of no issue. Do we get in touch with our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You must enquire of 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 life insurance to cover that same sickness)
How does conveyancing in Southmead differ for newly converted properties?
Most buyers of new build residence in Southmead approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Southmead usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Southmead or who has acted in the same development.
Is it simple use your search tool to select a conveyancing solicitor in Southmead on the approved list for my bank?
1st pick a mortgage company such as HSBC Bank, Virgin Money or Bank of Ireland then specify your preferred area for example Southmead. Conveyancing firms in Southmead and further afield should be identified.
When it comes to leasehold conveyancing in Southmead what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Southmead. Most leases are individual and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. Insurance obligations
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I invested in buying a ground floor flat in Southmead, conveyancing having been completed May 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Southmead with over 90 years remaining are worth £191,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2079
You have 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.