All was ready to move into my new home in Poundbury next Thursday. My conveyancer 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 mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer 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 UK Finance Lenders’ Handbook conditions. These obligations are not unique to conveyancing in Poundbury.
We are looking to buy a house and need a conveyancing solicitor in Poundbury who is on the HSBC solicitor panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for HSBC . We don't recommend any particular firms conducting conveyancing in Poundbury.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Poundbury is where the house is located. Can you shed any light on this issue?
Flying freeholds in Poundbury are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Poundbury you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Poundbury may determine 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.
My father-in-law has urged me to instruct his conveyancers in Poundbury. Should I use them?
No doubt the best way to select a conveyancing lawyer is to get guidance from friends or family who have used the conveyancer you're contemplating using.
My wife and I purchased a leasehold flat in Poundbury. Conveyancing and Nottingham Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Poundbury who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Poundbury conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a 2 bed flat in Poundbury, conveyancing having been completed in 1998. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Poundbury with a long lease are worth £255,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2093
With just 73 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
I have been recommended a conveyancing solicitor in Poundbury. I I would like to check if they are listed on the bank's approved list of lawyers. Can you assist?
One option is to call your solicitor to enquire if they are on the bank's panel. Alternatively please get in touch with us and we can investigate and revert. If they are not on the lender panel we can certainly arrange a quality conveyancing solicitor in Poundbury on the approved list for your lender.