Due to complete my purchase in Alresford 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 lender expect the insurance to cover?
Any lawyer 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 Part 2 instructions. These requirements are not limited to conveyancing in Alresford.
I am assisting my step-mother sell her house in Alresford. Does the solicitor order an energy performance certificate or do I organise this?
Following the demise of HIPs, energy assessments was kept a compulsory component of selling a property. An energy assessment should be commissioned in advance of the property being advertised. It is not as aspect of the sale process that law firms normally arrange. If you are using a Alresford conveyancing lawyer they might help arrange energy performance certificates due to their contacts with long established local assessors
I am due to exchange contracts on my flat. I had a double glazing fitted in April 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Leeds Building Society are being difficult. The Alresford solicitor who is on the Leeds Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Leeds Building Society are insisting on a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society 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.
After what feels like an age I have had an offer on an apartment in Alresford agreed to, but there is a chain. The owners have placed an offer on on an apartment, but it’s not yet tied up, and are looking at other properties in the pipeline. I have selected a local conveyancing solicitor in Alresford. What do I do now? At what point do I apply for the mortgage with Lloyds?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of one thousand pounds, then survey, Alresford conveyancing search charges, etc). The first course of action is to check that your lawyer is on the Lloyds approved list. As to the next stages this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. In a hot market the majority of buyers will apply for the mortgage with Lloyds and pay for the valuation and only if it was satisfactory would they ask their property lawyer to proceed with the conveyancing in Alresford.
A relative recommended that where I am purchasing in Alresford I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Alresford conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Alresford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Alresford Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information concerning Alresford.
How does conveyancing in Alresford differ for new build properties?
Most buyers of new build premises in Alresford come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because house builders in Alresford typically buy 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 used to new build conveyancing in Alresford or who has acted in the same development.
Are there frequently found deficiencies that you encounter in leases for Alresford properties?
Leasehold conveyancing in Alresford is not unique. All leases are drafted differently and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I invested in buying a basement flat in Alresford, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Alresford with over 90 years remaining are worth £197,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2081
You have 56 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
Builders have suggested I use a lawyer and I've sought a quote from them. They are nearly £300 cheaper than my local Alresford conveyancer. Should I use them?
Housebuilders frequently have panels of solicitors who expedite matters and who know the developer’s documentation and property lawyer. Plenty of developers offer an inducement to use their approved conveyancer for this reason, any increased charges can be avoided and a developer won't suggest a conveyancing factory and run the risk of having the conveyancing stall when they demand an exchange in 28 days. The argument for not opting for the recommended conveyancing practitioner is that they may prove reluctant to fight for your interests at the risk of upsetting the housebuilder. Where you have concerns that this may be the case you should stick with your high street Alresford conveyancer.