I am hoping to complete my purchase in Shropshire next Monday. 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 bank. What risks does the lender expect the insurance 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 Part 2 instructions. These requirements are not unique to conveyancing in Shropshire.
At what point will exchange of contracts occur in purchase conveyancing in Shropshire and do I need to attend the lawyers office?
Where you are local to our conveyancing solicitors in Shropshire you are invited in to sign contracts. However, the firms we work with provide countrywide coverage for conveyancing and provide just as diligent and professional a job for you when communicating with you electronically. The executing of the property agreement is not the point of no return. A signed contract simply enables the solicitor to officially exchange at the suitable time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Shropshire)to be in the office available at the end of the phone to exchange contracts.
I am buying a right to buy a flat in Shropshire. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Shropshire you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Shropshire.
Just had an offer accepted on a new build flat in Shropshire. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Shropshire
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I decided to have a survey completed on a property in Shropshire prior to appointing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks may refuse to issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shropshire. Conveyancing may be slightly more expensive based on your lender's requirements.
I am on look out for some leasehold conveyancing in Shropshire. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Shropshire - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Shropshire Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
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It is important to be aware whether changing the roof or some other significant cost is coming up that will be shared amongst the tenants and will dramatically impact the level of the service costs or necessitate a one off payment. Can you inform me if there are any major works on the horizon that will increase the service charges? You should be aware that where the lease has no more than 80 years it will impact the value of the property. Check with your mortgage company that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension sooner rather than later and it is worth discovering what this would cost. For most Shropshirelease extensions you would be be obliged to have been the owner of the premises for two years before you are eligible to carry out a lease extension.