All was ready to complete my purchase in West Moors next Friday. My property lawyer now wants me to supply her with proof 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 bank. What does the insurance need to cover?
All property lawyers on acting for banks 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 instructions. These obligations are not unique to conveyancing in West Moors.
Can you explain why leasehold purchase conveyancing in West Moors is more expensive?
West Moors leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am buying a end of terrace house in West Moors. We would like to an extension at the rear at the property.Will the conveyancing process involve investigations to ascertain if these works are prohibited?
Your property lawyer should review the registered title as conveyancing in West Moors can on occasion identify restrictions in the title deeds which prohibit certain works or require the consent of a 3rd party. Certain works need local authority planning permissions and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these issues with a surveyor before you commit yourself to a purchase.
My husband and I have organised a further advance on our home loan from Lloyds as we intend to conduct improvements to our property in West Moors. Do we need to choose a high street West Moors solicitor on the Lloyds conveyancing panel to handle the legals?
Lloyds do not ordinarily require firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds conveyancing panel.
I have decided to exercise my right to buy my property in West Moors off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
I am downsizing from our home in West Moors and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any local conveyancer would know this is not the case. For the life of me I don't know why the purchasers instructed an internet conveyancing practice rather than a conveyancing solicitor in West Moors. We have lived in West Moors for 5 years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I'm purchasing my first flat in West Moors with a loan from Accord Mortgages Ltd. The sellers refused to reduce the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not disclose to my solicitor about this side-deal as it may adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
I am on look out for some leasehold conveyancing in West Moors. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in West Moors - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a 1st floor flat in West Moors, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in West Moors with a long lease are worth £265,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2101
With just 76 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. 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 move forward based on this information without first getting professional advice.