Due to complete my purchase in Southmead 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 mortgage company. What does the insurance need 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 Part 2 requirements. These obligations are not limited to conveyancing in Southmead.
I am assisting my sister sell her property in Southmead. Does the conveyancer arrange the EPC or do I organise this?
Following the demise of Home Information Packs, energy assessments remained a required part of moving property. An energy assessment needs to be to hand before the property is put on the market. It is not something that lawyers ordinarily organise. Where you are instructing a Southmead conveyancing practitioner they may be willing to arrange EPC’s due to their relationships with long established local providers
My bid for a property was accepted at auction in Southmead. Conveyancing is necessary. What are my next steps?
Given that you have now legally committed yourself to purchase you will need to appoint a conveyancing lawyer quickly as you are facing a tight a drop dead date to complete the purchase. All auction property should have a corresponding auction set of papers. This should include evidence of title and search results. In the case of leasehold property the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You must hand this to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding in place to complete on the on the contractual date .
I am selling my flat. I had a double glazing fitted in April 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, TSB are being difficult. The Southmead solicitor who is on the TSB conveyancing panel is recommending indemnity insurance as a solution but TSB are insisting on a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
A friend recommended that if I am buying in Southmead I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Southmead conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Southmead around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Southmead Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Southmead Education with maps and statistics, Local Amenities and other useful data about Southmead.
It has been 3 months following my purchase conveyancing in Southmead completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. 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 on the look out for a leasehold apartment up to £245,000 and identified one near me in Southmead I like with amenity areas and transport links in the vicinity, however it's only got 49 years on the lease. There is not much else in Southmead in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I am buying a ground floor flat in Southmead. Conveyancing solicitor has been awaiting, from the vendor, building insurance documents. I was told today I was advised that the vendor needs to forward the insurance documents for the flat above in addition. Why does my lawyer want to review the insurance for the other flat? Is it really required? We have been in hold for the last fortnight…
It is not impossible in leasehold conveyancing in Southmead to find Conveyancing in Southmead in a minority of cases reveals that the lease obliges the tenant's to insure their individual flats rather than the freeholder insuring the entire block - which is clearly better. You should double check with your conveyancer but it would seem that your conveyancing practitioner is seeking to establish that the whole building is insured. Insuring a ground floor apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be reconstructed as a result of lack of insurance cover.