I am hoping to complete my purchase in Andover next Monday. My lawyer now wants me to supply her with proof 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 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 obligations are not unique to conveyancing in Andover.
I require fast conveyancing in Andover as I am faced with pressure to complete in less than 3 weeks. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not getting a mortgage you are at liberty not to have searches conducted although no law firm would advise that you don't. With lots of history conveyancing in Andover the following are examples of issues that can appear and therefore impact market value: Refused Planning Applications, Overdue Charges, Outstanding Grants, Road Schemes,...
How does conveyancing in Andover differ for new build properties?
Most buyers of new build or newly converted property in Andover approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Andover typically acquire the site, 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 accustomed to new build conveyancing in Andover or who has acted in the same development.
I decided to have a survey done on a house in Andover in advance of appointing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some lenders tend refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Andover. Conveyancing will be smoother if you use a solicitor in Andover especially if they regularly deal with such properties in Andover.
My husband and I may need to sub-let our Andover basement flat for a while due to taking a sabbatical. We instructed a Andover conveyancing firm in 2003 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Andover do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Leasehold Conveyancing in Andover - Examples of Questions you should ask Prior to Purchasing
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Is there a share of the freehold? Plenty Andover leasehold apartments will incur a service charge for maintenance of the block set on behalf of the landlord. If you purchase the flat you will have to meet this contribution, normally periodically throughout the year. This can differ from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge for you to pay annual, ordinarily this is not a large amount, say around £25-£75 but you should to check as sometimes it can be many hundreds of pounds. It would be a good idea to discover if there is anything that is prohibited in the lease. By way of example some leases prohibit pets being allowed in in a block in Andover. If you like the apartmentin Andover yet your dog is not allowed to live with you then you will be presented with a hard decision.
I am seeking to purchase a repression property in Andover and the mortgagee in possession would like to complete inside a month. Can a conveyancing practitioner complete in this timeframe? Am I best advised to select a local Andover firm or an online firm that advertises to complete quickly?
Attend your Andover shopping parade. Go in to a couple of companies and request to see a conveyancing solicitor for a quote. Explain your needs and get assurances on time frames. Select the one that seems most genuine. Make sure to use a solicitor on the list of property lawyers approved by your lender.