Please help - my lawyer advises that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Hunstanton?
The right level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Barclays and Virgin Money. Conveyancing lawyers as opposed to members of the public take out such insurances.
I am purchasing a property in Hunstanton. An unusual aspect is that the roof has a solar panel. Clydesdale have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Clydesdale your lawyer must follow the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for Clydesdale. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Clydesdale where a lease fails to meet these requirements. The provisions relate to the installation of panels on properties countrywide and is not restricted to Hunstanton.
Principality have agreed my mortgage in principle, my bid on a flat in Hunstanton has been agreed to, what happens next?
The estate agent will wish to know who your solicitors are (make sure the solicitors are on the bank’s panel). Call up Principality or the financial adviser and finish off any outstanding forms. Principality will appoint a valuer who will get in contact with the estate agent or seller to schedule a time for the valuation to happen. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Principality will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hunstanton.
I am selling our property in Hunstanton and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any local conveyancer would know that there is no such problem. It does beg the question why the buyers used a web based conveyancing firm as opposed to a conveyancing solicitor in Hunstanton. Having lived in Hunstanton for many years we know of no issue. Should we get in touch with our local Authority to seek clarification need.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Hunstanton differ for new build properties?
Most buyers of new build or newly converted property in Hunstanton come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Hunstanton usually purchase the land, 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 used to new build conveyancing in Hunstanton or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and identified one near me in Hunstanton I like with amenity areas and transport links in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Hunstanton in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan that many years may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could 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 with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
What does commercial conveyancing in Hunstanton cover?
Commercial conveyancing in Hunstanton covers a wide range of guidance, supplied by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I've recently bought a leasehold flat in Hunstanton. 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).
Leasehold Conveyancing in Hunstanton - Sample of Questions you should ask before buying
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Make sure you enquire if there is anything that is prohibited in the lease. For instance it is very common in Hunstanton leases that pets are not permitted in certain buildings in Hunstanton. If you love the flatin Hunstanton but your dog can’t live with you then you will be presented with a hard choice. In the main the outlay for major works tend not to be included within service charges, although a few managing agents in Hunstanton ask leaseholders to pay into a sinking fund and this is used to offset against larger repairs or maintenance. The prefered form of lease arrangement is where the freehold title is owned by the leaseholders. In this situation the lessees enjoy control and even though a managing agent is often employed where the building is larger than a house conversion, the managing agent is directed by the tenants.