Due to complete my purchase in St Nicholas 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 bank. What does the insurance need to cover?
All property lawyers 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 conditions. These requirements are not unique to conveyancing in St Nicholas.
I'm buying a new build house in St Nicholas with a mortgage from HSBC Bank. The builders would not reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative told me not reveal to my solicitor about the side-deal as it could put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. St Nicholas is where the house is located. Can you shed any light on this issue?
Flying freeholds in St Nicholas are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St Nicholas you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Nicholas may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How does the Landlord & Tenant Act 1954 affect my business property in St Nicholas and how can you help?
The particular law that you refer to provides protection to business tenants, granting the a statutory right to make a request to court for a new tenancy and remain in occupation at the end of the lease term. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. St Nicholas is one of our hundreds of locations in which the firms we work with are based
I need to appoint a conveyancing solicitor for remortgage conveyancing in St Nicholas. I happened to chance upon a web site which seems to have the ideal offering If it is possible to get all formalities completed via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My wife and I purchased a leasehold flat in St Nicholas. Conveyancing and Alliance & Leicester mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in St Nicholas who acted for me is not around. Any advice?
First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a St Nicholas conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the registered owner of a studio flat in St Nicholas, conveyancing was carried out February 2008. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in St Nicholas with an extended lease are worth £190,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2086
With 61 years left to run we estimate the premium for your lease extension to span between £18,100 and £20,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.