I am hoping to move into my new home in Salford next Friday. 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 mortgage company. What does the insurance need 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 requirements. These obligations are not specific to conveyancing in Salford.
My aunt passed away last year and as sole heir and executor I was left the property in Salford. The house had a small mortgage remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this possible?
Given you plan to re-mortgage then RBS will require that you use a conveyancer on the RBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS mortgage is registered as a charge at the Land Registry.
I'm buying my first flat in Salford benefiting from help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not disclose to my conveyancer about the deal as it may impact my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the guidance of my in-laws I had a survey completed on a house in Salford ahead of instructing conveyancers. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some banks will refuse to give a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. Should you wish to call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Salford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am thinking of appointing a conveyancing lawyer in Salford for my house move. Is there any facility to review a solicitor's record with the profession’s regulator?
Members of the public may read published Solicitor Regulator Association (SRA) determinations resulting from investigations commenced on or after Jan 2008. Visit Check a solicitor's record. For details Pre 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The SRA could monitor call for training requirements.
Planning to sign contracts shortly on a ground floor flat in Salford. Conveyancing lawyers have said that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Salford should include some of the following:
-
Alterations to the property What options are available to the landlord where you are in breach of your lease terms? Are pets allowed in the flat? Who has the liability to repair and maintain the main walls and foundations. It is important for you to know who is responsible the repair and maintenance of every part of the building What options are open to you if a neighbour is in violation of a provision in their lease?
I purchased a split level flat in Salford, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Salford with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease ceases on 21st October 2083
With just 59 years left to run the likely cost is going to range between £20,900 and £24,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.