I am hoping to complete my purchase in Laleham next Thursday. 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 lender. What does the insurance need to cover?
All property lawyers on acting for mortgage companies 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 instructions. These requirements are not unique to conveyancing in Laleham.
Do I need to take out insurance to address the risk of chancel repairs when purchasing a residence in Laleham?
Unless a previous purchase of the house completed after 12 October 2013 you could take it that solicitors carrying out conveyancing in Laleham to remain encouraging a chancel search and or chancel repair liability insurance.
My wife and I purchased a semi-detached Georgian property in Laleham. Conveyancing lawyer acted for me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same property. Is it worth asking Leeds Building Society to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Laleham and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Laleham differ for newly converted properties?
Most buyers of new build or newly converted property in Laleham come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Laleham tend to purchase 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 conveyancers 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 Laleham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Laleham is the location of the property. Can you offer any opinion?
Flying freeholds in Laleham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Laleham you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Laleham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What advice can you give us when it comes to appointing a Laleham conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Laleham conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Laleham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:
How many lease extensions has the firm completed in Laleham in the last twenty four months? Can they put you in touch with clients in Laleham who can give a testimonial?
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Laleham conveyancing firm to assist?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the premium.
An example of a Lease Extension decision for a Laleham flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired term as at the valuation date was 82.93 years.