All was ready to complete my purchase in Hazlemere next Tuesday. 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 mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer 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 instructions. These requirements are not unique to conveyancing in Hazlemere.
As a first time buyer what is the most important advice you can impart concerning purchase conveyancing in Hazlemere?
You may not hear this from too many lawyers but conveyancing in Hazlemere and elsewhere in England and Wales is often a confrontational process. In other words, when it comes to conveyancing there is lots of opportunity for confrontation between you and others involved in the ownership transfer. For example, the vendor, estate agent and on occasion the mortgage company. Selecting a law firm for your conveyancing in Hazlemere should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose interest is to act in your legal interests and to protect you.
On occasion a potential adversary will attempt to persuade you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by claiming that your solicitor is slow. Or your financial adviser may advise you to do something that is contrary to your lawyers advice. You should always trust your lawyer above all other parties in the home moving process.
Me and my brother have a semi-detached Edwardian house in Hazlemere. Conveyancing practitioner represented me and Skipton Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the exact same address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hazlemere and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing lawyer who conducted the work.
I decided to have a survey done on a property in Hazlemere in advance of retaining lawyers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some lenders will refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. If you e-mail us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hazlemere. Conveyancing will be smoother if you use a solicitor in Hazlemere especially if they are accustomed to such properties in Hazlemere.
How do I use your search tool to find a conveyancing lawyer in Hazlemere on the authorised to act for my mortgage?
Step one is to pick a mortgage company such as National Westminster Bank, Coventry Building Society or Aldermore then type in your location e.g. Hazlemere. Conveyancing organisations in Hazlemere and further afield should be identified.
I only have 68 years remaining on my flat in Hazlemere. I need to get lease extension but my freeholder is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to locate the lessor. On the whole a specialist may be helpful to conduct investigations and to produce a report which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court covering Hazlemere.
I acquired a basement flat in Hazlemere, conveyancing was carried out in 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Hazlemere with an extended lease are worth £191,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2078
You have 53 years remaining on your lease we estimate the premium for your lease extension to be between £27,600 and £31,800 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.