I am hoping to complete my purchase in Stoke Gifford next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the bank 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 instructions. These requirements are not limited to conveyancing in Stoke Gifford.
Why is leasehold purchase conveyancing in Stoke Gifford is more expensive?
In short, leasehold conveyancing in Stoke Gifford and Gloucestershire usually involve extra hours of investigation compared to freehold transactions. This includes checking the lease terms, liaising with the landlord concerning the service of appropriate notices, procuring current service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
I am buying a new build flat in Stoke Gifford. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Stoke Gifford you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Stoke Gifford.
I am the sole beneficiary of my late father’s will with all property in now in my sole name, including the house in Stoke Gifford. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship could be treated the same way as though I had purchased the property in November. Is the property unsalable for six months?
The CML handbook mandates 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 could be affected by that. Some banks would take a pragmatic view as this clause chiefly exists to capture the purchase and immediately sell or the quick reselling of property.
Can I be sure that the Stoke Gifford conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Stoke Gifford obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer carrying out your conveyancing.
Having 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 Stoke Gifford solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds 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 Stoke Gifford postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Stoke Gifford.
It has been 3 months since my purchase conveyancing in Stoke Gifford took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 premises 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 am looking for a leasehold apartment up to £235,500 and identified one near me in Stoke Gifford I like with amenity areas and station nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Stoke Gifford for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.