Due to complete my purchase in Wokingham next Tuesday. My conveyancer now wants me to supply her with evidence 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 risks does the lender expect the insurance to cover?
Any lawyer 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 limited to conveyancing in Wokingham.
I own a 4 bedroom Victorian house in Wokingham. Conveyancing solicitor acted for me and Lloyds TSB Bank. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wokingham and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing solicitor who conducted the conveyancing.
I am buying a new build house in Wokingham with a loan from Skipton Building Society. The developers would not move on the price so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not disclose to my solicitor about the deal as it will affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I'm refinancing my primary house to a buy to let mortgage with Britannia and intend to use the remaining equity towards further property. The area we are talking about is Wokingham. Will your solicitors be able to act for the two banks and link together the conveyances?
Do use our search tool on this site to ensure that the solicitors are approved by both mortgage companies. On the basis that they are your conveyancer should be able to tie up the two conveyancing matters but you should have a chat with you conveyancer and make clear your desired outcome and requirements.
We're first time buyers - agreed a price, yet the property agent told us that the owners will only go ahead if we instruct the agent's recommended solicitors as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a local conveyancer who is familiar with conveyancing in Wokingham
We suspect that the seller is unaware of this requirement. If they require ‘a quick sale', alienating a motivated purchaser is going to damage their objectives. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are ready to go, with finances in place © you do not need to sell (d) you intend to proceed fast (e)but you are going to appoint your preferred Wokingham conveyancing solicitors - as opposed tothe ones that will give their negotiator at the agency a kickback or meet his conveyancing thresholds pre-set by head office.
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Wokingham. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Wokingham ?
The majority of houses in Wokingham are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Wokingham so you should seriously consider looking for a Wokingham conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.
Wokingham Leasehold Conveyancing - A selection of Questions you should consider before buying
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Generally speaking the cost for major works are not incorporated into the maintenance charges, albeit that some managing agents in Wokingham obliged tenants to pay into a reserve fund created for the specific purpose of establishing a fund for larger works. How many years are left on the lease? Where a Wokingham lease has fewer than eighty years it will affect the marketability of the apartment. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. For most Wokinghamlease extensions you will be be obliged to have been the owner of the property for a couple of years in order to be legally able to exercise a lease extension.