All was ready to move into my new home in Ashtead next Thursday. My property 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 requirements are not unique to conveyancing in Ashtead.
We previously appointed conveyancers locally in Ashtead on the Nottingham solicitor panel. They have just invoiced me a supplemental sum for handling the Nottingham mortgage. Is this an additional conveyancing fee specified by Nottingham?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your solicitor can levy a fee for this. The charge is not dictated by Nottingham but by your Ashtead conveyancer. Numerous firms on the Nottingham panel will quote an ‘acting for lender’ fee and others do not.
I recently had an offer agreed on a house in Ashtead. My financial adviser pressured me to appoint their conveyancing practitioner. I paid an on account payment of £150. A few days later, the lawyer contacted me to say that they were not on the Clydesdale conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Clydesdale panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being problematic. The Ashtead solicitor who is on the Nottingham conveyancing panel is saying indemnity insurance will be fine but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham 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 relative advised me that if I am purchasing in Ashtead I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Ashtead conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Ashtead around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Ashtead Education with plans and statistics, Local Amenities and other useful data about Ashtead.
Are there restrictive covenants that are commonly identified as part of conveyancing in Ashtead?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Ashtead. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Ashtead 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 Ashtead in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.