All was ready to complete my purchase in Crawley Down next Thursday. 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 bank. What risks does the bank expect the insurance 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 UK Finance Lenders’ Handbook conditions. These requirements are not unique to conveyancing in Crawley Down.
How up to date is your search tool for Crawley Down conveyancing solicitors on the Aldermore conveyancing panel? Do Aldermore send you an updated list?
Crawley Down conveyancing firms themselves provide us confirmation that they are on the Aldermore conveyancing panel as opposed to being supplied with a list from Aldermore directly.
I am buying a garden flat in Crawley Down. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Crawley Down you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Crawley Down.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a property in Crawley Down?
Unless a previous purchase of the property took place after 12 October 2013 you may expect solicitors handling conveyancing in Crawley Down to continue to recommend a chancel search and or chancel repair liability insurance.
About to purchase a new build flat in Crawley Down. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Crawley Down
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Crawley Down I like with open areas and transport links in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Crawley Down for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.