I am hoping to complete my purchase in Great Yarmouth next Friday. My solicitor now wants me to supply her with proof 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?
All property lawyers on acting for lenders 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 Great Yarmouth.
It is is a decade since I acquired my home in Great Yarmouth. Conveyancing solicitors have now been appointed on the sale but I can't locate the title documents. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be with your lender or they could still be with the solicitor who acted in your purchase. Secondly the likelihood is that the property 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. Almost all conveyancing in Great Yarmouth relates to registered property but in the unlikely event that your home is unregistered it is more of a problem but is resolvable.
I am looking for a leasehold apartment up to £195,000 and found one near me in Great Yarmouth I like with open areas and station nearby, however it only has 51 years on the lease. There is not much else in Great Yarmouth in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
In what way can the Landlord & Tenant Act 1954 affect my business offices in Great Yarmouth and how can your lawyers assist?
The particular law that you refer to provides security of tenure to business leaseholders, granting the legal entitlement to apply to court for a new lease and continue in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Great Yarmouth is one of the numerous locations in which the firms we work with are located
My brother has urged me to instruct his lawyers for conveyancing in Great Yarmouth. Should I choose my own property lawyer?
No doubt it’s preferable to select a conveyancing practitioner is to seek feedback from friends or relatives who have actually experience in using the firm you're contemplating using.
Why is New Build conveyancing in Great Yarmouth more costly?
Buying a brand new premises is completely different from the normal house purchase conveyancing in Great Yarmouth. For a start sellers normally demand contracts to exchange inside a short timeframe, the result being a a great deal of pressure on your conveyancer to ensure all is in order. In addition new build conveyancing often necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage company obligations 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.