All was ready to complete my purchase in Swaffham next Friday. My solicitor now wants me to supply her with evidence of content and building insurance for the property 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 bank expect the insurance 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Swaffham.
Are the Swaffham conveyancing solicitors identified as being on the RBS conveyancing panel, together with their details provided by RBS?
Swaffham conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
Me and my brother have a renovated Edwardian property in Swaffham. Conveyancing lawyer represented me and Bank of Scotland. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold under the exact same address. I'd like to know for sure, how can I find out??
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 Swaffham and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing practitioner who conducted the conveyancing.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Swaffham I like with a park and station nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Swaffham suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
What tools are available to search for a Swaffham law firm on the Barclays Direct conveyancing panel? I drive a motor bike and am happy to travel upto 10miles to meet the solicitor.
You can use the search on this website. Please choose the bank and your location and you will see a number of Swaffham conveyancing lawyers located nearest you. We have listed some Swaffham conveyancing firms at the bottom of this page and you can contact them to see if they are on the Barclays Direct approved list
Why can I not complete my conveyancing in Swaffham on Good Friday?
Because on completion the sale price will pass between the banks of the buyer and owner’s solicitor and at present this can only occur on a business day. It is not possible to complete on a weekend either.