All was ready to move into my new home in Neath next Monday. 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 bank. What risks does the bank expect the insurance to cover?
Any lawyer 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 instructions. These requirements are not limited to conveyancing in Neath.
My fiance and I are hoping to buy a 2 bedroom apartment in Neath with a residential mortgage from Aldermore.We like our Neath conveyancing practitioner but Aldermore says she’s not listed on their approved list of member firms. we are left little option but to use a Aldermore panel solicitor or retain our high street solicitor and pay for a Aldermore panel lawyer to act for them. This seems very unfair; Can we not simply insist that Aldermore use our lawyer?
Unfortunately,no. The loan issued to you is subject to its various provisions, a common one being that solicitors will be on the Aldermore approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Aldermore
The estate agent has sent us the confirmation of our purchase of a new build flat in Neath. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Neath
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Please confirm the Lease plans are surveyor prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Neath is the location of the property. Can you offer any guidance?
Flying freeholds in Neath are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Neath you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Neath 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 residence.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Neath. I happened to stumble upon a site which looks to be the perfect answer If it is possible to get all formalities completed via phone that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I’m about to sell my basement apartment in Neath. Conveyancing solicitors are to be appointed soon, however I have recently had a yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the invoice as normal given that all ground rent and maintenance payments should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Neath Leasehold Conveyancing - Examples of Queries before Purchasing
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Where a Neath lease has no more than eighty years it will impact the value of the apartment. Check with your mortgage company that they are content with residual term of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Neathlease extensions you will be required to have owned the residence for two years before you are eligible to carry out a lease extension. Can you tell me if there are any major works anticipated that will increase the service costs? Are any of leasehold owners in arrears of their service charge liability?