Due to move into my new home in Buckden next Tuesday. My lawyer now wants me to supply her with evidence 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 risks does the lender expect the insurance 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 specific to conveyancing in Buckden.
What does my ID and proof of funds have anything to do with my conveyancing in Buckden? What am I being asked for?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Buckden. However these days you can not complete any conveyancing deal in the absence providing proof of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are supplying your driving licence as proof of identification it needs to be both the paper element as well as the photo card part, one is not sufficient without the other.
Evidence of the source of money is required in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer will need to have this information on file. Your Buckden conveyancing solicitor will require evidence of proof of funds prior to accepting any money from you into their client account and they should also ask additional queries regarding the source of monies.
My relative suggested that where I am purchasing in Buckden I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Buckden conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Buckden around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information concerning Buckden.
Have purchased a a detached house in Buckden , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Buckden conveyancing solicitor works at snail pace, so I want to check the post completion formalities are concluded.
As far as conveyancing in Buckden is concerned, registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can differ according to the party submitting the application, whether there are errors and if the Land registry must send notices to any 3rd parties. Currently approximately 80% of submission are fully addressed within 12 days but some can be subject to protracted hold-ups. Historically registration takes place once the new owner has moved in to the premises thus 'speed' is not usually an essential issue but where it is urgent that the the registration takes place urgently then you or your solicitor can speak with the land registry and explain the circumstances.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Buckden. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Buckden ?
The majority of houses in Buckden are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Buckden in which case you should be looking for a Buckden conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.
I bought a ground floor flat in Buckden, conveyancing having been completed in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Buckden with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2077
With just 52 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 plus legals.
The suggested premium range 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 detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
Is there an average legal costs for conveyancing in Buckden?
The average fee last year for conveyancing in Buckden was just over one thousand four hundred and fifty pounds excluding Stamp Duty and HMLR fees.