I am hoping to move into my new home in Watchet next Monday. 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 lender. 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 Part 2 conditions. These requirements are not specific to conveyancing in Watchet.
It is a dozen years since I bought my home in Watchet. Conveyancing solicitors have just been instructed on the sale but I can't find the title deeds. Is this a problem?
You need not be too concerned. First there is a chance that the deeds will be retained by your lender or they may be in the possession of the lawyers who oversaw the purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Almost all conveyancing in Watchet relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is resolvable.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Watchet. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 4/10/2026, the requirements read as follows :
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one near me in Watchet I like with a park and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Watchet in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I am looking at a couple of apartments in Watchet which have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Watchet is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Watchet conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a 1st floor flat in Watchet, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Watchet with over 90 years remaining are worth £180,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2084
With just 58 years remaining on your lease we estimate the premium for your lease extension to be between £22,800 and £26,400 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
Our lenders have just issued us with a mortgage offer. We instructed a reputable conveyancer in Watchet last week. A couple of hours ago, our broker phoned to advise us that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we did not have a clue that the lender had some control over our choice Is this usual?
You are at liberty to instruct any conveyencer you wish to use including the said conveyancer in Watchet nevertheless if your mortgage company aren't happy with them you must fork out additional cost so the bank can instruct their own lawyers. It may be conceivable that your preferred conveyancing firm to get added to the bank panel. Do make the most of internet tools including lenderpanel.com to find a conveyancing solcitor in Watchet on the mortgage company panel. You can go into your high street bank branch in Watchet. They will know some good conveyancing solicitors in Watchet on the approved list.