I am hoping to complete my purchase in Dorchester On Thames 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 does the insurance need to cover?
All property lawyers 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 Part 2 requirements. These obligations are not limited to conveyancing in Dorchester On Thames.
When it comes to lenders such as Clydesdale, do Dorchester On Thames solicitors face an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I am due to exchange contracts on my house. I had a double glazing fitted in July 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Clydesdale are being problematic. The Dorchester On Thames solicitor who is on the Clydesdale conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Clydesdale are requiring a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Leeds Building Society have agreed my mortgage in principle, my offer on a property in Dorchester On Thames has been accepted, what are the next steps?
The property agent will wish to be informed of your conveyancer's details (make sure the lawyers are on the lender’s panel). Contact Leeds Building Society or the broker and finish off any appropriate documentation. Leeds Building Society will instruct a valuer who will get in touch with the estate agent or owners to book a slot for the valuation to take place. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Leeds Building Society will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Dorchester On Thames.
Should our conveyancer be asking questions regarding flooding as part of the conveyancing in Dorchester On Thames.
Flooding is a growing risk for conveyancers conducting conveyancing in Dorchester On Thames. Some people will purchase a house in Dorchester On Thames, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a number of checks that may be undertaken by the buyer or by their conveyancers which can figure out the risks in Dorchester On Thames. The standard information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to find out if the premises has ever been flooded. In the event that the premises has been flooded in past and is not disclosed by the owner, then a buyer may issue a claim for damages as a result of such an inaccurate reply. A purchaser’s lawyers will also conduct an enviro search. This will reveal whether there is a recorded flood risk. If so, further inquiries should be initiated.
I have a 4 bedroom Georgian property in Dorchester On Thames. Conveyancing solicitor represented me and Alliance & Leicester . I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the exact same property. 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 Dorchester On Thames and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing practitioner who conducted the purchase.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Dorchester On Thames is the location of the property. Can you shed any light on this issue?
Flying freeholds in Dorchester On Thames are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Dorchester On Thames you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dorchester On Thames may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Can you provide any top tips for leasehold conveyancing in Dorchester On Thames with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Dorchester On Thames can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers. If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than ongoing. Many landlords or managing agents in Dorchester On Thames levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Dorchester On Thames. If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Organising a re-issued share certificate can be a time consuming formality and slows down many a Dorchester On Thames home move. Where a reissued share is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
I invested in buying a garden flat in Dorchester On Thames, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Dorchester On Thames with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2095
With just 69 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.