Due to complete my purchase in Newbury Park next Monday. My lawyer now wants me to supply her with evidence 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 risks does the lender expect the insurance 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 unique to conveyancing in Newbury Park.
Why do I have to pay up front for my conveyancing in Newbury Park?
If you are buying a property in Newbury Park your solicitor will request that you place them with funds to cover the search fees. Generally this is asked for to cover the fees of the Local Authority Search. If any down payment is as part of the sale price then this should be required shortly in advance of exchange of contracts. The final balance that is due should be transferred shortly before completion.
It has been four months since my purchase conveyancing in Newbury Park took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Newbury Park differ for newly converted properties?
Most buyers of new build property in Newbury Park come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Newbury Park typically 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 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 used to new build conveyancing in Newbury Park or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and found one close by in Newbury Park I like with amenity areas and station in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Newbury Park in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I've recently bought a leasehold property in Newbury Park. Am I liable to pay service charges for periods before completion of my purchase?
In a situation 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
I am the proprietor of a ground-floor 1950’s flat in Newbury Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Lease Extension decision for a Newbury Park residence is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case affected 1 flat. The unexpired term was 60.29 years.