Due to move into my new home in Barry next Friday. 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 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 Part 2 conditions. These requirements are not specific to conveyancing in Barry.
We have agreed to purchase a house in Barry. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
Given that you are obtaining a mortgage with HSBC your lawyer must comply with the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for HSBC. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to HSBC where a lease does not comply with these provisions. The requirements relate to the installation of panels on properties countrywide and is not limited to Barry.
It is unclear whether my lender requires a lease extension. I have telephoned my Barry bank branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Barry conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend in accordance with their published requirements. I simply don't know who is right.
The property lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Our sealed bid on a property in Barry has been agreed to, but there is a chain. The sellers have offered on on an apartment, but it’s not been accepted yet, and are looking at other properties in the pipeline. I have selected a high street conveyancing solicitor in Barry. What do I do now? When do I get the mortgage application with Kent Reliance going?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx one thousand pounds, then valuation, Barry conveyancing search fees, etc). The first thing to do is check that your property lawyer is on the Kent Reliance conveyancing panel. Concerning the next stages this very much dictated by the uniqueness of your transaction, desire for this property and on the state of the market. In a hot market many purchasers will apply for a home loan with Kent Reliance and arrange for the valuation and only if it was satisfactory would they request their conveyancer to proceed with the conveyancing in Barry.
Various web forums that I have frequented warn that are a common reason for delay in Barry house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in Barry.
How can the Landlord & Tenant Act 1954 affect my business property in Barry and how can you help?
The particular law that you refer to provides security of tenure to commercial tenants, giving them the right to make a request to court for a renewal tenancy and remain in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and assist with commercial conveyancing in Barry
I only have Fifty years left on my lease in Barry. I need to get lease extension but my landlord is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. In some cases a specialist may be helpful to try and locate and prepare an expert document to be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Barry.
I purchased a garden flat in Barry, conveyancing formalities finalised May 1996. Can you work out an approximate cost of a lease extension? Equivalent flats in Barry with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2095
With only 69 years left to run the likely cost is going to range between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
There are numerous houses in Barry on private lanes. We are purchasing one such property. Are there any advantages to buying a property on a private road?
Barry conveyancing lawyers will be used to dealing houseson unadopted roads. The solicitor should investigate Land Registry data to identify any rights or responsibilities. It is possible that there is a management company (wholly owned by residents) that residents make annual contributions to maintain the road. Where there is one, the road should be maintained and look nicer than publicly adopted.