All was ready to move into my new home in Cranbrook next Friday. 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 bank. What risks does the lender expect the insurance to cover?
Any lawyer on acting for mortgage companies 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 instructions. These requirements are not unique to conveyancing in Cranbrook.
Should commercial conveyancing searches disclose proposed roadworks that may impact a commercial estate in Cranbrook?
Its becoming the norm that commercial conveyancing solicitors in Cranbrook will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Cranbrook. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Cranbrook.
For each commercial conveyancing transaction in Cranbrook it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Cranbrook commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Cranbrook.
Me and my brother own a renovated Edwardian property in Cranbrook. Conveyancing lawyer acted for me and Barclays . I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cranbrook and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing practitioner who conducted the conveyancing.
I opted to have a survey done on a property in Cranbrook prior to appointing lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some banks may not issue a mortgage on such a home.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you call us we can look into this further via 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 Cranbrook. Conveyancing will be smoother if you use a solicitor in Cranbrook especially if they are familiar with such properties in Cranbrook.
I'm refinancing my primary house to a BTL loan with Birmingham Midshires and I will use the rest of the raised equity towards a second house. The neighborhood we are looking at is Cranbrook. Will your lawyers be able to act for both sets of banks and link together the two deals?
Do use our comparison tool on this page to be sure that the conveyancers are on the appropriate lender panels. Assuming that they are the lawyer should be able to connect the two transactions but you should talk with you solicitor and specify your desired outcome and requirements.
I only have 62 years remaining on my flat in Cranbrook. I am keen to extend my lease but my landlord is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 Court. However, you will be required to prove that you have used your best endeavours to locate the freeholder. For most situations an enquiry agent should be helpful to conduct investigations and prepare an expert document to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Cranbrook.
I am the registered owner of a studio flat in Cranbrook, conveyancing formalities finalised 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Cranbrook with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2080
With 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.