I am hoping to complete my purchase in Yeovil next Tuesday. 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 risks does the bank expect the insurance 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 conditions. These obligations are not unique to conveyancing in Yeovil.
I am purchasing a house and require a conveyancing solicitor in Yeovil who is on the Barclays Direct solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barclays Direct in certain locations such as Yeovil. We dont recommend any particular firm.
Various online forums that I have come across warn that are the primary cause of stalling in Yeovil conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Yeovil.
How does conveyancing in Yeovil differ for new build properties?
Most buyers of new build residence in Yeovil come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Yeovil typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Yeovil or who has acted in the same development.
I opted to have a survey done on a property in Yeovil before retaining lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders may not give a loan on such a property.
It varies from the lender to lender. HSBC has different requirements from Halifax. Should you wish to telephone us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Yeovil. Conveyancing may be slightly more expensive based on your lender's requirements.
I've recently bought a leasehold property in Yeovil. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 be sure 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).
Yeovil Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
-
You should be aware if it is less than 80 years it will impact the value of the apartment. Check with your mortgage company that they are happy with residual term of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would need to own the residence for a couple of years in order to be entitled to extend the lease. On the whole the cost for major works are not built into the maintenance charges, although a few managing agents in Yeovil require tenants to pay into a sinking fund created for the specific intention of establishing a fund for larger works. How many of the leaseholders are in arrears for their maintenance charge payments?