I am hoping to complete my purchase in Copthorne next Monday. 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 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 Part 2 conditions. These obligations are not specific to conveyancing in Copthorne.
My bid for a property was accepted at auction in Copthorne. Conveyancing is necessary. What are my next steps?
Given that you are now for in every practical sense signed on the dotted line you must hire the services of a conveyancing solicitor as a matter of urgency as you are facing a pending a fixed date to complete the property. An auction property should have a corresponding auction pack. This will include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the auction papers may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You should pass this on to the solicitor instructed by you ASAP. Do make sure that you have funds in place to complete the transaction on the set completion date.
We are getting the release of further funds on our mortgage from Bank of Ireland as we wish to conduct improvements to our home in Copthorne. Are we obliged to choose a bricks and mortar Copthorne solicitor on the Bank of Ireland conveyancing panel to deal with the legals?
Bank of Ireland don't usually instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland conveyancing panel.
I am due to exchange contracts on my house. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Co-operative are being problematic. The Copthorne solicitor who is on the Co-operative conveyancing panel is saying indemnity insurance will be fine but Co-operative are requiring a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will my solicitor be asking questions about flooding as part of the conveyancing in Copthorne.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Copthorne. Some people will purchase a house in Copthorne, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a various checks that can be initiated by the purchaser or by their lawyers which can figure out the risks in Copthorne. The conventional set of property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to determine if the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the seller, then a purchaser could issue a claim for damages stemming from an incorrect answer. A buyer’s conveyancers will also carry out an environmental report. This should reveal if there is a recorded flood risk. If so, further investigations will need to be conducted.
Despite weeks of looking the Title Certificate and documents to my property are lost. The solicitors who did the conveyancing in Copthorne 10 years ago no longer exist. Will I be able to sell the house?
Assuming the title is registered the information relating to your ownership will be documented by the Land Registry under a Title Number. It is easy to carry out a search at the Land Registry, locate your house and secure up to date copies of the Registered Entries for less than a fiver. Where the title is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be obtained for twenty pounds.
Do I need to be suspicious by estate agents that I am dealing with are recommending a factory type conveyancing firm rather than a High Street Copthorne conveyancing practice?
As is the case with lots of professional services, often recommendations from connections can be most helpful. Yet there are many players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may put forward lawyers to appoint. On occasion these conveyancers might be known to one of the organisations as experts in their field, but occasionally there might be a financial incentive behind the recommendation. You have the discretion to select your preferred conveyancer. However, bear in mind that most banks have an approved list of solicitors you are obliged to use for the mortgage related work in your transaction.
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Copthorne. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Copthorne are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Copthorne so you should seriously consider shopping around for a Copthorne conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
I acquired a 2 bed flat in Copthorne, conveyancing was carried out 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Copthorne with an extended lease are worth £190,000. The ground rent is £45 per annum. The lease terminates on 21st October 2086
With 62 years unexpired the likely cost is going to span between £17,100 and £19,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.