Due to complete my purchase in Harlech next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need 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 requirements. These requirements are not limited to conveyancing in Harlech.
I am purchasing a semi-detached house in Harlech. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Harlech you will have to appoint a solicitor on your mortgage company'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 Harlech.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Harlech I like with open areas and railway links in the vicinity, however it only has 61 years on the lease. I can't really find anything else in Harlech suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and pass 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 about this matter.
Should I use a Harlech conveyancing lawyer in close proximity to the house I am buying? An old friend can perform the legal work however they are based a couple of hundredmiles away.
The benefit of a high street Harlech conveyancing firm is that you can drop in to sign documents, hand in your ID and pester them if necessary. Having local Harlech know how is a plus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were impressed that must trump using an unknown Harlech conveyancing lawyer solely due to them being local.
I've recently bought a leasehold property in Harlech. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a leasehold flat in Harlech, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Harlech with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2099
With only 74 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
We are midway through buying a residence in Harlech. Conveyancing lawyer has told us the property is "Leasehold". Does this impact the marketability of the house?
Harlech conveyancing does not ordinarily involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's almost the same as freehold, so it’s unlikely to affect the value significantly.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a adverse effect on the saleability, and most likely wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease provided to your solicitor.