All was ready to complete my purchase in Swansea next Tuesday. 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 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 requirements. These requirements are not specific to conveyancing in Swansea.
We are purchasing a flat in Swansea. I might seem paranoid but how we can trust a lawyer? On the day of competition we have to send our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Swansea lawyer on the Nottingham panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
HSBC have agreed my home loan in principle, my bid on a flat in Swansea has been agreed to, what happens next?
Your estate agent will wish to be advised as to your conveyancing practitioner's details (ensure that the solicitors are on the bank’s panel). Call up HSBC or your financial adviser and complete any outstanding forms. HSBC will instruct a valuer who will get in touch with the estate agent or vendor to book an appointment. Once carried out (assuming no problems) it takes about a week to get a mortgage offer. HSBC will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Swansea.
Will our solicitor be making enquiries about flooding as part of the conveyancing in Swansea.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Swansea. There are those who acquire a property in Swansea, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a number of checks that may be initiated by the purchaser or by their lawyers which can give them a better understanding of the risks in Swansea. The standard completed inquiry forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to determine whether the property has historically flooded. If flooding has previously occurred and is not revealed by the seller, then a purchaser may issue a compensation claim resulting from an inaccurate response. A purchaser’s solicitors may also conduct an enviro report. This should disclose whether there is a recorded flood risk. If so, additional investigations will need to be made.
I am purchasing a new build house in Swansea with a loan from Accord Mortgages Ltd. The developers refused to budge the amount so I negotiated £7000 of extras instead. The sale representative told me not to tell my conveyancer about the extras as it would jeopardize my mortgage with the bank. 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.
Due to the guidance of my in-laws I had a survey completed on a property in Swansea before retaining conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies will not give a loan on a flying freehold house.
It varies from the lender to lender. Santander has different instructions for example to Birmingham Midshires. If you e-mail us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Swansea. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Swansea to see if the conveyancing will be more expensive.
Back In 2004, I bought a leasehold house in Swansea. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Swansea who acted for me is not around. What should I do?
First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Swansea conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a split level flat in Swansea, conveyancing was carried out in 1995. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Swansea with over 90 years remaining are worth £191,000. The ground rent is £55 per annum. The lease expires on 21st October 2079
With just 53 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.