Due to complete my purchase in West Wittering next Friday. My solicitor 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?
All property lawyers 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 conditions. These obligations are not unique to conveyancing in West Wittering.
Why do I have to pay up front when it comes to conveyancing in West Wittering?
If you are buying a property in West Wittering your solicitor will ask you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the purchase price then this will be required shortly ahead of contracts are exchanged. Any further balance that is due will be payable shortly before completion.
It has been 2 months following my purchase conveyancing in West Wittering completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in West Wittering I like with open areas and station in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in West Wittering suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I have been advised by three or four local selling agents in West Wittering to choose a solicitor on your site. What’s the financial advantage for Estate Agents to offer your services ahead of a competitor’s?
We refuse to give any referral fee for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Are all West Wittering solicitors on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can pop into your local bank branch in West Wittering. the probability is that they will know some good conveyancing solicitors in West Wittering