I am hoping to move into my new home in Boston 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 lender. What does the insurance need to cover?
Any lawyer 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 conditions. These requirements are not specific to conveyancing in Boston.
When will exchange of contracts happen for purchase conveyancing in Boston and do I need to be at the lawyers office?
If you are near to one of the conveyancing solicitors in Boston you are welcome to attend to sign contracts. However, the lender approved solicitors we recommend supply countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when dealing with you electronically. The signing of the contract is not the point of no return. Signing on the dotted line simply enables the firm to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Boston)to be in the office available at the end of the phone to exchange contracts.
We're in Boston, First timers purchasing with a mortgage (lender is Barclays , and our lawyer is on the Barclays conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Barclays conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Boston differ for new build properties?
Most buyers of new build property in Boston come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Boston usually acquire 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 conveyancing solicitors 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 Boston or who has acted in the same development.
How does the Landlord & Tenant Act 1954 affect my business property in Boston and how can you help?
The 1954 Act provides a safeguard to commercial leaseholders, granting the a statutory right to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Boston is one of our numerous locations in which our lawyers are based
I am employed by a reputable estate agency in Boston where we have experienced a few flat sales derailed due to short leases. I have been given conflicting advice from local Boston conveyancing solicitors. Could you confirm whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Boston Leasehold Conveyancing - A selection of Queries Prior to buying
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Many Boston leasehold properties will be liable to pay a service charge for the upkeep of the building levied by the management company. Where you buy the apartment you will have to pay this contribution, usually periodically throughout the year. This could differ from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge to be met yearly, normally this is not a large figure, say about £25-£75 but you need to check it because on occasion it can be many hundreds of pounds. Is anyone aware of any major works in the near future that will likely add a premium to the service fees? Its a good idea to discover as much as possible about the company managing the block as they can either make life much easier or a lot more difficult. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to practical issues such as the upkeep of the common parts. Enquire of other people if they are happy with their service. On a final note, find out the dates that the service charges are due to the relevant party and specifically what you get for your money.