Due to complete my purchase in Ottery St Mary next Thursday. 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 lender expect the insurance 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 Part 2 instructions. These obligations are not limited to conveyancing in Ottery St Mary.
I am remortgaging my home in Ottery St Mary, does my lawyer need to be on the Virgin Money Conveyancing panel?
There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
It has been 2 months since my purchase conveyancing in Ottery St Mary concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 property 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.
Due to the advice of my in-laws I had a survey completed on a property in Ottery St Mary in advance of retaining solicitors. I have been informed that there is a flying freehold element to the house. The surveyor has said that some mortgage companies will refuse to give a loan on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ottery St Mary. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ottery St Mary to see if the conveyancing will be more expensive.
Looking forward to complete next month on a studio apartment in Ottery St Mary. Conveyancing lawyers have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Ottery St Mary should include some of the following:
What the implications are if you breach a clause of your lease? You would want to receive a copy of the lease Does the lease prevent you from subletting the property, or having a home office for business How long the lease is. You should receive guidance as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years Additions to the premises
I bought a studio flat in Ottery St Mary, conveyancing formalities finalised March 2004. How much will my lease extension cost? Corresponding properties in Ottery St Mary with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2085
With only 62 years remaining on your lease the likely cost is going to range between £17,100 and £19,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
We are in the process of buying a home in Ottery St Mary. Conveyancing is not complete but we wish to have the amount we are are buying for confidential from sites such as Zoopla. what can I do to ensure this is not disclosed?
The Land Registry are legally required to specify price sold information on the official title for domestic properties countrywide including properties in Ottery St Mary. The register of title is an open document, so HMLR would be breaking the law excluded certain homes such as the property in Ottery St Mary.
You can ask the Land Registry to withhold the amount paid data yet the answer would be in the negative.