All was ready to complete my purchase in Anstey next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the mortgage company 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 UK Finance Lenders’ Handbook instructions. These requirements are not unique to conveyancing in Anstey.
A friend advised me that in buying a property in Anstey there may be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are anumerous of properties in Anstey which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Anstey should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Virgin Money, do Anstey lawyers incur a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
My wife and I are in the throws of viewing flats in Anstey and I am about to put in an offer. Should I already have a property lawyer appointed at this stage? I am planning to take a mortgage with RBS.
It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are obtaining a mortgage with RBS, make sure you remember to check that your lawyer is on the RBS conveyancing panel.
How does conveyancing in Anstey differ for newly converted properties?
Most buyers of new build residence in Anstey contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Anstey tend to acquire the land, 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 used to new build conveyancing in Anstey or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Anstey is the location of the property. Is there any advice you can give?
Flying freeholds in Anstey are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Anstey you would need to get your solicitor to go 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 Anstey may decide 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 residence.
I have been advised by numerous estate agents in Anstey to find a conveyancer on your site. Is there a financial incentive for Estate Agents to recommend your site over another?
We don’t make any referral fee for sending work in our direction. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Last January I purchased a leasehold house in Anstey. Do I have any liability for service charges relating to a period prior to 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. However, 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).
I acquired a 2 bed flat in Anstey, conveyancing was carried out in 1997. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Anstey with an extended lease are worth £197,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2080
With just 56 years remaining on your lease the likely cost is going to span between £29,500 and £34,000 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.