Due to complete my purchase in Nunhead next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the mortgage company expect the insurance to cover?
All property lawyers 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 conditions. These requirements are not limited to conveyancing in Nunhead.
Why is leasehold purchase conveyancing in Nunhead costs more?
Nunhead leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel conveyancer as I would much rather instruct a Nunhead based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel lawyers if you want the "fee-free" offer. Speak to the lender to determine if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Nunhead.
I am buying a end of terrace house in Nunhead. The intention is to an extension at the rear at the house.Will legal work on the property involve enquiries to determine if these works were previously refused?
Your conveyancer should review the deeds as conveyancing in Nunhead will sometimes reveal restrictions in the title deeds which prevent certain alterations or require the permission of a 3rd party. Certain additions need local authority planning permissions and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be sensible to check these issues with a surveyor ahead of any purchase.
We had appointed solicitors based in Nunhead on the Bank of Ireland solicitor panel. They have just invoiced me an additional fee for handling the Bank of Ireland mortgage. Is this an additional conveyancing fee specified by Bank of Ireland?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your solicitor can charge a fee for this. This charge is not dictated by Bank of Ireland but by your Nunhead solicitor. Numerous firms on the Bank of Ireland panel will charge ’dealing with mortgage’ fee and others do not.
Two weeks ago we had a mortgage agreed in principle with Bank of Ireland. Nunhead conveyancing solicitors were chosen. How long does it take for Bank of Ireland to issue the offer to the property lawyer?
There is no definitive answer here. Have Bank of Ireland conducted the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am looking for a leasehold apartment up to £235,500 and found one close by in Nunhead I like with amenity areas and station nearby, however it's only got 61 years on the lease. I can't really find anything else in Nunhead suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I need to instruct a conveyancing solicitor for purchase conveyancing in Nunhead. I have land on a web site which appears to be the perfect solution If there is a chance to get all the legals done via web that would be preferable. Should I be concerned? What should out be looking out for?
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?