Due to complete my purchase in Holywell next Monday. 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 bank. What risks does the mortgage company 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 Part 2 requirements. These obligations are not specific to conveyancing in Holywell.
I own a freehold property in Holywell but still pay rent, why is this and what is this?
It is rare for properties in Holywell and has limited impact for conveyancing in Holywell but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Will our lawyer be making enquiries regarding flooding during the conveyancing in Holywell.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Holywell. Some people will purchase a property in Holywell, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous searches that can be undertaken by the buyer or by their conveyancers which should give them a better understanding of the risks in Holywell. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the owner, then a buyer could issue a compensation claim stemming from an incorrect reply. A buyer’s solicitors will also conduct an environmental search. This should reveal if there is any known flood risk. If so, more detailed inquiries will need to be conducted.
How does conveyancing in Holywell differ for new build properties?
Most buyers of new build property in Holywell come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Holywell usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Holywell or who has acted in the same development.
How simple is it to swap solicitor as I need to instruct a firm on the Platform Home Loans Ltd conveyancing list. I had appointed a local conveyancing solicitor in Holywell five minutes from me but the firm is not accepted by Platform Home Loans Ltd
We will our best to assist in finding you a conveyancing solicitor in Holywell on the Platform Home Loans Ltd panel. Please note that the conveyancers that we list do not pay us commission if you instruct them and are fully regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Holywell. In making use of search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Holywell.
If all goes to plan we aim to complete the disposal of our £125,000 apartment in Holywell in just under a week. The managing agents has quoted £312 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Holywell?
Holywell conveyancing on leasehold apartments more often than not requires the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to do so. They are at liberty to charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the charge is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to sell the property.
I acquired a studio flat in Holywell, conveyancing was carried out November 2010. Can you work out an approximate cost of a lease extension? Similar properties in Holywell with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease runs out on 21st October 2080
With just 55 years left to run the likely cost is going to span between £31,400 and £36,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.