Due to move into my new home in Yeovil next Tuesday. My solicitor 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 lender. 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 UK Finance Lenders’ Handbook instructions. These requirements are not unique to conveyancing in Yeovil.
About to place an offer on a leasehold property in Yeovil. The property agents assure me that it is usual for flats in Yeovil to have less than 75 years unexpired on the lease. I am expecting a mortgage with Chelsea Building Society. Will the property be mortgageable given that the lease has 69 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/1/2025 the requirements read as follows :
My friend advised me that where I am buying in Yeovil I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Yeovil conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Yeovil around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Yeovil Education with maps and statistics, Local Amenities and other useful information about Yeovil.
I am buying a new build flat in Yeovil. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Yeovil
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Yeovil is where the house is located. Is there any advice you can give?
Flying freeholds in Yeovil are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Yeovil you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yeovil may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Can you provide any advice for leasehold conveyancing in Yeovil from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Yeovil can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers’ lawyers. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Many freeholders or Management Companies in Yeovil levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Yeovil. Some Yeovil leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Obtaining a replacement share certificate is often a lengthy formality and slows down many a Yeovil conveyancing transaction. If a duplicate share certificate is required, do contact the company officers or managing agents (if applicable) for this as soon as possible.
I bought a leasehold flat in Yeovil, 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? Equivalent properties in Yeovil with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2090
You have 65 years left to run we estimate the price of your lease extension to span between £13,300 and £15,400 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.