Due to complete my purchase in Bridgend next Tuesday. 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 bank. What risks does the mortgage company expect the insurance 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 instructions. These requirements are not limited to conveyancing in Bridgend.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Bridgend is the location of the property. Can you shed any light on this issue?
Flying freeholds in Bridgend are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bridgend you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bridgend may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I right to be suspicious by brokers that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a High Street Bridgend conveyancing practice?
As with lots of service providers, often input from relatives can be worth their weight in gold. But there are many players in a conveyancing matter; estate agents, mortgage brokers and lenders may put forward lawyers to retain. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there exists a financial incentive behind the recommendation. You have the right to appoint your preferred lawyer. You need to be aware that the majority of banks specify a panel list of conveyancers you must use for the lender aspect of your conveyancing.
I am looking at a couple of apartments in Bridgend which have about forty five years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Bridgend. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorates and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.
I inherited a studio flat in Bridgend, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Bridgend with a long lease are worth £222,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2089
You have 71 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
Been reading online that Bridgend solicitors are more costly than licensed conveyancers in Bridgend to use when purchasing a house. Am I better off using a conveyancer or a solicitor if I am buying a property in Bridgend.
When it comes to conveyancing in Bridgend the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.