Due to move into my new home in Verwood next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer 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 instructions. These requirements are not specific to conveyancing in Verwood.
Should conveyancers request money up-front when it comes to conveyancing in Verwood?
If you are buying a property in Verwood your lawyer will ask you put them with funds to cover the search fees. Generally this is needed to cover the fees of the conveyancing searches. When the down payment is as part of the total price then this will be required immediately ahead of contracts are exchanged. The closing balance that is due should be transferred a couple of days ahead of the completion date.
We are planning on selling our house in Verwood and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any high street Verwood conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers instructed a factory type conveyancing outfit rather than a conveyancing solicitor in Verwood. Having lived in Verwood for 4 years we know of no issue. Should we get in touch with our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Verwood I like with open areas and station in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Verwood in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I only have 62 years left on my flat in Verwood. I now want to extend my lease but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the freeholder. On the whole an enquiry agent should be helpful to carry out a search and prepare a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Verwood.
I inherited a leasehold flat in Verwood, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Verwood with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2091
You have 70 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Much to my surprise my property lawyer in Verwood has informed me that he requires identification documents stating that this is part of his retainer as a solicitor on the bank Solicitor panel. This is news to me - can I refuse?
Anti-terror and anti-money-laundering rules require Verwood conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the lender also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the bank's UK Finance Lenders’ Handbook requirements