I am hoping to move into my new home in Walton next Tuesday. My lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Walton.
I am assisting my aunt sell her flat in Walton. Does the solicitor commission an energy performance certificate or it is for the seller to coordinate?
Following the demise of Home Information Packs, energy assessments was left as a compulsory component of selling a property. An energy assessment needs to be to hand prior to the property being advertised. This is not a task that law firms normally arrange. If you are instructing a Walton conveyancing practitioner they may be willing to arrange EPC’s due to their relationships with reputable Walton energy assessors
We have a mortgage agreed in principle with Santander. Walton conveyancing lawyers have been instructed. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander completed the survey? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My sealed bid on a detached house in Walton has been accepted, the owners do however have a dependent purchase. The sellers have put an offer on on an apartment, but it’s not yet tied up, and are looking at other flats booked. I have chosen a bricks and mortar conveyancing solicitor in Walton. What do I do now? At what stage should I apply for the mortgage with Virgin Money?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Walton conveyancing search costs, etc). The first course of action is to ensure that your lawyer is on the Virgin Money conveyancing panel. As to the subsequent phase this very much dictated by the circumstances of your case, desire for the property and on the state of the market. During a hot market some home buyers will apply for the mortgage with Virgin Money and arrange for the valuation and only if it comes back ok would they ask their property lawyer to proceed with the conveyancing in Walton.
I have been on the look out for a flat up to £305k and identified one near me in Walton I like with open areas and railway links nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Walton in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Should I be concerned by brokers that I am dealing with are recommending a web based conveyancing firm as opposed to a local Walton conveyancing practice?
As with many service providers, often suggestions from family and friends can be extremely useful or valuable. But there are numerous parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and banks may suggest conveyancers to retain. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there exists a financial incentive behind the endorsement. You have the discretion to appoint your own conveyancer. Don't forget that some lenders have an approved list of conveyancers you are obliged to use for the lender related work in your transaction.
We are one month into a freehold purchase having been recommend to conveyancers by the selling agent to execute conveyancing in Walton. I am am extremely disappointed with the quality of service. Could you help me find new lawyers?
They would have to be really poor in order to consider diss instructing them. Has the loan offer been issued? If so you must advise them of the new lawyer and have the loan are re-issued. Your new solicitor ideally needs to be on the mortgage company approved list to avoid supplemental charges and complications. So that should be your first question of the new conveyancers. Our find a solicitor tool will assist you in finding a bank approved lawyer for your conveyancing in Walton
I've recently bought a leasehold house in Walton. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up trying to reach an agreement for a lease extension in Walton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Walton conveyancing firm who can help.
An example of a Lease Extension decision for a Walton premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired residue of the current lease was 82.93 years.