All was ready to move into my new home in Swindon next Monday. My solicitor now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. 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 UK Finance Lenders’ Handbook instructions. These requirements are not specific to conveyancing in Swindon.
We just had an offer accepted to purchase with Earl Shilton BS. I dropped in a few high street companies but am struggling to find a Swindon conveyancing firm on the Earl Shilton BS panel. Could you help?
You should take advantage of the search tool on this web page. Pick the lender and type Swindon or your preferred area and you will see a number of lawyer offices in Swindon or by proximity to you.
A colleague suggested that where I am buying in Swindon I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Swindon conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Swindon around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Swindon Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data about Swindon.
I am looking for a flat up to £235,500 and found one round the corner in Swindon I like with open areas and railway links nearby, however it only has 52 years unexpired on the lease. I can't really find anything else in Swindon in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan that many years will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
How easy is it to use your search tool to choose a conveyancing lawyer in Swindon on the approved list for my mortgage?
1st choose a mortgage company such as HSBC Bank, Virgin Money or Aldermore then type in your preferred area such as Swindon. Conveyancing organisations in Swindon and further afield should be listed.
I've recently bought a leasehold house in Swindon. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a leasehold flat in Swindon, conveyancing formalities finalised April 2010. How much will my lease extension cost? Equivalent flats in Swindon with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2094
With just 69 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.