All was ready to move into my new home in Headington next Thursday. My lawyer 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 lender. What risks does the lender expect the insurance to cover?
All property lawyers 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 specific to conveyancing in Headington.
I just acquired a house at auction in Headington. Conveyancing is necessary. What are my next steps?
Having legally committed yourself to purchase you now have to retain a conveyancing solicitor as a matter of priority as you now have a tight a fixed date to complete the conveyancing. Every auction property should have a bespoke auction pack. This should include evidence of title and search results. Where you are dealing with leasehold premises the conveyancing papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You must pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are in order to complete the transaction on the set completion date.
We are buying a 3 bedroom semi in Headington. We would like to an extension at the rear at the house.Will legal work on the property involve enquiries to ascertain if these alterations were previously refused?
Your solicitor should check the deeds as conveyancing in Headington will on occasion identify restrictions in the title documents which prevent categories of alterations or need the permission of another owner. Many extensions require local authority planning consent and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these issues with a surveyor before you commit yourself to a purchase.
We are getting a further advance on our home loan from Coventry BS as we intend to carry out renovations to our property in Headington. Do we need to choose a nearby Headington solicitor on the Coventry BS conveyancing panel to deal with the paperwork?
Coventry BS would not normally require a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS list.
Are there restrictive covenants that are commonly identified as part of conveyancing in Headington?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Headington. 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…’
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Headington I like with amenity areas and transport links nearby, however it only has 49 years on the lease. There is not much else in Headington for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Should I use a Headington conveyancing lawyer based in the location that I am purchasing? We have a good friend who can execute the conveyancing however his firm is located approximately 350miles away.
The benefit of a local Headington conveyancing practice is that you can attend the office to execute documents, hand in your identification documents and apply pressure on them if necessary. Having local Headington know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and the majority were impressed that must trump using an unknown Headington conveyancing lawyer solely due to them being round the corner.
Are there frequently found problems that you come across in leases for Headington properties?
Leasehold conveyancing in Headington is not unique. Most leases are drafted differently and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building A provision to repair to or maintain elements of the building
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
Headington Leasehold Conveyancing - Sample of Queries before Purchasing
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Are any of leasehold owners in dispute over their service charge liability? It would be prudent to find out as much as possible concerning the managing agents as they will either make your life much easier or a lot more difficult. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to daily matters like the tidiness of the common parts. Ask other people what they think of their management. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes. Is anyone aware of any major works in the planning that will increase the service charges?