I am hoping to move into my new home in Great Missenden next Monday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the mortgage company 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 obligations are not limited to conveyancing in Great Missenden.
It is is a decade since I acquired my property in Great Missenden. Conveyancing lawyers have recently been retained on the sale but I can't find the title documents. Is this a major issue?
Don’t worry too much. Firstly the deeds may be with the mortgage company or they may be archived with the lawyers who oversaw the purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining current official copies of the land registers. The vast majority of conveyancing in Great Missenden involves registered property but in the rare situation where your home is unregistered it is more problematic but is resolvable.
Are there restrictive covenants that are commonly picked up during conveyancing in Great Missenden?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Great Missenden. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Great Missenden I like with open areas and transport links nearby, however it only has 61 years on the lease. There is not much else in Great Missenden suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
How straightforward is it to use your search facility to select a conveyancing lawyer in Great Missenden on the panel for my lender?
1st pick a mortgage company such as Birmingham Midshires, Norwich and Peterborough Building Society or Bank of Ireland then choose your preferred area for example Great Missenden. Conveyancing firms in Great Missenden and across England and Wales should be shown.
What is the reason for new build conveyancing in Great Missenden being more expensive?
Acquiring a new build property is significantly distinct from the standard house purchase conveyancing in Great Missenden. Firstly sellers normally need contracts to exchange very quickly, so there is a lot of pressure on your lawyer to make sure everything is in order. In addition new build conveyancing often involve examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Lenders requirements are also more detailed. Due to the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.