I am hoping to move into my new home in Benfleet next Tuesday. 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 risks does the mortgage company expect the insurance 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 conditions. These obligations are not specific to conveyancing in Benfleet.
Should our lawyer be raising enquiries concerning flooding during the conveyancing in Benfleet.
Flooding is a growing risk for conveyancers conducting conveyancing in Benfleet. There are those who purchase a house in Benfleet, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a number of searches that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Benfleet. The conventional set of information supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to discover whether the property has ever been flooded. In the event that the property has been flooded in past and is not disclosed by the seller, then a purchaser could commence a claim for damages as a result of such an inaccurate response. A buyer’s lawyers may also conduct an enviro report. This will disclose if there is a recorded flood risk. If so, additional investigations will need to be carried out.
five months have gone by since my purchase conveyancing in Benfleet completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey done on a property in Benfleet prior to appointing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some banks may not grant a loan on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. If you call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Benfleet. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Benfleet to see if the conveyancing will be more expensive.
My husband and I are FTB’s - had an offer accepted, but the agent has warned us that the seller will only go ahead if we instruct their preferred solicitors as they want a ‘quick sale’. We would rather use a family conveyancer accustomed to conveyancing in Benfleet
We suspect that the owner is not behind this requirement. If they desire ‘a quick sale', turning down a motivated purchaser is not the way to achieve this. Try to communicate with the owners directly and explain that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you will continue to instruct your own,trusted Benfleet conveyancing solicitors - not the ones that will give the estate agent a referral fee or meet his conveyancing targets demanded by head office.
What advice can you give us when it comes to choosing a Benfleet conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Benfleet conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Benfleet conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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How many lease extensions have they completed in Benfleet in the last twenty four months? What are the costs for lease extension work?
Leasehold Conveyancing in Benfleet - A selection of Queries Prior to buying
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Is there a share of the freehold? How many of the leaseholders are in arrears for their maintenance charge payments?