Due to move into my new home in Wokingham next Thursday. My lawyer now wants me to supply her with evidence 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 risks does the mortgage company expect the insurance to cover?
Any lawyer 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 UK Finance Lenders’ Handbook requirements. These obligations are not limited to conveyancing in Wokingham.
Me and my brother own a semi-detached Edwardian house in Wokingham. Conveyancing practitioner represented me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to assess 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 Wokingham and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing practitioner who conducted the purchase.
I'm purchasing my first flat in Wokingham with the aid of help to buy. The builders refused to move on the price so I negotiated 6k of extras instead. The house builders rep advised me not inform my lawyer about this extras as it may adversely affect my loan with Britannia. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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'm converting the mortgage on my existing home to a buy to let mortgage with Barnsley Building Society and I will use the ballance of the raised equity as a down payment on another property. The location we are looking at is Wokingham. Will your conveyancers be able to act for the two banks and tie in the transactions?
Make use of our comparison tool on this site to be sure that the lawyers are on the appropriate lender panels. Assuming that they are your solicitor should be able to simultaneously deal with the two conveyancing matters but you should talk with you conveyancer and make apparent your expectations and needs.
We're FTB’s - agreed a price, but the property agent has warned us that the seller will only proceed if we use their recommended solicitors as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a family conveyancer with experience of conveyancing in Wokingham
It is highly unlikely the sellers are behind this. If they desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is counter productive. Speak to the owners direct and make sure they understand (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you are going to use your own,trusted Wokingham conveyancing firm - not the ones that will give the negotiator at the agency a kickback or meet his conveyancing figures demanded by head office.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Wokingham. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Wokingham ?
The majority of houses in Wokingham are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Wokingham so you should seriously consider shopping around for a Wokingham conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
Wokingham Conveyancing for Leasehold Flats - A selection of Queries before buying
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Generally speaking the outlay for major works are not included within service charges, although a few managing agents in Wokingham require tenants to pay into a reserve fund and this is used to offset against larger works. Please note if it is no more than 80 years it will impact the marketability of the apartment. Check with your mortgage company that they are content with remaining years on the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you will be be obliged to have been the owner of the premises for a couple of years in order to be entitled to extend the lease. Who are the managing agents?