All was ready to move into my new home in Narberth next Thursday. My lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
All property lawyers 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 UK Finance Lenders’ Handbook instructions. These obligations are not specific to conveyancing in Narberth.
We see that you have a search directory identifying solicitors on the Yorkshire BS conveyancing panel. Do firms pay you a referral fee if I appoint them for our own conveyancing in Narberth?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Narberth.
Do the Building Society Association intend to launch a searchable register to list practices on the Loughborough BS conveyancing panel for instance in Narberth?
We have not been informed any intention on the part of the BSA to develop such a tool.
I acquired my home on 10 November and the transaction details is yet to be registered. Should I be concerned? My conveyancing solicitor in Narberth said it will be recorded in a couple of weeks. Are titles in Narberth particularly slow to register?
As far as conveyancing in Narberth registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any interested parties. Currently roughly 80% of such applications are fully dealt with within two weeks but occasionally there can be protracted hold-ups. Historically registration is effected after the buyer has moved in to the premises so 'speed' is not usually an essential issue but if there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
Due to the encouragement of my in-laws I had a survey completed on a property in Narberth ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies will not give a loan on this type of home.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Narberth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Narberth to see if the conveyancing will be more expensive.
I am employed by a busy estate agent office in Narberth where we have experienced a number of flat sales derailed due to short leases. I have been given contradictory information from local Narberth conveyancing firms. Please can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Narberth Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
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What prohibitions exist in the Narberth Lease? Generally speaking the outlay for major works tend not to be included within service charges, albeit that some managing agents in Narberth ask tenants to contribute towards a sinking fund and this is used to offset against major works.