Due to complete my purchase in Worcester next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the lender expect the insurance to cover?
All property lawyers on acting for banks 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 instructions. These requirements are not specific to conveyancing in Worcester.
I am purchasing a 3 bedroom semi in Worcester. We would like to carry out a loft conversion at the property.Will the conveyancing process involve investigations to ascertain if these alterations are permitted?
Your property lawyer should check the registered title as conveyancing in Worcester will on occasion identify restrictions in the title deeds which restrict categories of changes or require the consent of a 3rd party. Many extensions require local authority planning consent and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be wise to check these things with a surveyor ahead of any purchase.
Does a directory service exist listing Co-operative panel solicitors in Worcester on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable online. Where you are looking for a Worcester conveyancer on the Co-operative please make the most of our tool.
I currently have a mortgage with Leeds Building Society for my property in Worcester. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention prior to renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel solicitor.
I'm purchasing a new build house in Worcester with the aid of help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not reveal to my conveyancer about the deal as it will jeopardize my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Worcester I like with a park and transport links in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in Worcester suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage that many years may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I am looking into buying my first house which is in Worcester and I am already nervous. I couldn't find anything specific about Worcester. Conveyancing will be needed in due course but do you know about the Worcester area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Worcester. In the meantime here are some basic statistics that we found
Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Worcester. I now wish to get lease extension but my landlord is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the lessor. For most situations a specialist would be helpful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court overseeing Worcester.
Worcester Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
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It would be a good idea to find out if the the lease includes any unreasonable restrictions in the lease. By way of example it is very common in Worcester leases that pets are not allowed in in a block in Worcester. If you love the apartmentin Worcester but your cat can’t live with you then you have a very hard compromise. What is the service charge and ground rent on the property? What is the name of the managing agents?