All was ready to move into my new home in Alfriston next Tuesday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer 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 Part 2 requirements. These requirements are not limited to conveyancing in Alfriston.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Alfriston building society branch on numerous occasions and was reassured it wasn't a problem and they will lend. My Alfriston conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your lawyer must comply with the Council of Mortgage Lenders’ Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my flat. I had a double glazing fitted in July 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Principality are being difficult. The Alfriston solicitor who is on the Principality conveyancing panel is recommending indemnity insurance as a solution but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality 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.
My offer was accepted on a property in Alfriston on 3/9/2020, valuation was booked 4 days after, all came back fine. Conveyancer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Barclays and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Barclays conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am purchasing a new build house in Alfriston with a loan from The Royal Bank of Scotland. The builders refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my solicitor about the deal as it would jeopardize my loan with The Royal Bank of Scotland. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Alfriston before instructing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some lenders tend refuse to give a loan on such a house.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Alfriston. Conveyancing may be slightly more expensive based on your lender's requirements.
I am attracted to a two apartments in Alfriston both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Alfriston. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field.
I purchased a 1 bedroom flat in Alfriston, conveyancing was carried out in 2003. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Alfriston with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease ceases on 21st October 2081
With only 61 years remaining on your lease we estimate the premium for your lease extension to be between £19,000 and £22,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.