All was ready to move into my new home in Abertridwr next Tuesday. 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 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 requirements are not specific to conveyancing in Abertridwr.
I am the only beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Abertridwr. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my property ownership may be considered the same way as if I'd bought the property in November. Will no one buy the property for half a year?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How practical a view mortgage companies take of it, depend on the mortgage company as this obligation principally exists to identify the purchase and immediately sell or the wholesaling and assigning of properties.
When it comes to mortgage companies such as Principality, do Abertridwr conveyancers incur a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I am due to exchange contracts on my flat. I had a double glazing fitted in December 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Clydesdale are being a right pain. The Abertridwr solicitor who is on the Clydesdale conveyancing panel is saying indemnity insurance will be fine but Clydesdale are insisting on a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been on the look out for a flat up to £245,000 and identified one near me in Abertridwr I like with open areas and station nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Abertridwr in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I've recently bought a leasehold property in Abertridwr. Do I have any liability for service charges relating to a period prior to my ownership?
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. It is an essential part 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 inherited a leasehold flat in Abertridwr, conveyancing formalities finalised May 2008. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Abertridwr with a long lease are worth £206,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2084
With 66 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Been looking for a conveyancer for freehold sale conveyancing in Abertridwr. We are selling, simple no mortgage to pay off, no rush, no onward chain. Got a quote from a property lawyer for a thousand pounds plus VAT which is a little expensive given that its so straightforward. Can I pay less for conveyancing in Abertridwr?
Given that it’s a sale only, £450 + VAT is likely to be about the best for a Abertridwr solicitor firm.