All was ready to complete my purchase in Sonning Common next Thursday. My conveyancer 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 mortgage company. 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 requirements. These obligations are not unique to conveyancing in Sonning Common.
Having sold my house in Sonning Common last June but our buyer keeps telephoning every few hours to moan that their conveyancer is waiting to hear from myconveyancer. What are the post completion sale formalities now that I have sold?
After completion of your sale your lawyer should deliver the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer should also send confirmation that the home loan has been paid off to the purchasers lawyers. There is unlikely to be post completion formalities just for conveyancing in Sonning Common.
What does a local search inform me concerning the property we're purchasing in Sonning Common?
Sonning Common conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Searchflow The local search is essential in every Sonning Common conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search will supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I used Arc property Solicitors a few years ago for my conveyancing in Sonning Common. I now require my file but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Sonning Common of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Sonning Common differ for newly converted properties?
Most buyers of new build property in Sonning Common approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Sonning Common typically purchase 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 Sonning Common or who has acted in the same development.
I am looking at a couple of apartments in Sonning Common which have in the region of fifty years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Sonning Common is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sonning Common conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a studio flat in Sonning Common, conveyancing formalities finalised 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Sonning Common with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2100
With 76 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.