All was ready to move into my new home in Broughton Astley next Thursday. My conveyancing practitioner 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 mortgage company. What risks does the lender expect the insurance to cover?
All property lawyers on acting for lenders 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 requirements. These obligations are not limited to conveyancing in Broughton Astley.
What does my ID and proof of funds have anything to do with my conveyancing in Broughton Astley? Is this really necessary?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with before they can accept their conveyancing retainer. The Terms of Engagement that you need to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to provide identification documents, your lawyer would not be able to act for you.
The deeds to our home are lost. The conveyancers who dealt with the conveyancing in Broughton Astley 4 years ago have long since closed. What are my options?
As long as the title is registered the details of your proprietorship will be documented by the Land Registry under a Title Number. It is easy to carry out a search at the Land Registry, identify your house and obtain current copies of the Registered Entries for a small fee. Where the property is Leasehold then the Land Registry will in most cases retain a file copy of the Registered Lease and again, a copy can be obtained for twenty pounds.
I've recently bought a leasehold property in Broughton Astley. Am I liable to pay service charges for periods before completion of my purchase?
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. However, 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 ensure 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 invested in buying a studio flat in Broughton Astley, conveyancing formalities finalised 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Broughton Astley with a long lease are worth £191,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2073
You have 54 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
My mum and dad are unable to locate their Broughton Astley land registry title on the online search facility. They recall that 48 years ago when they acquired the bungalow there were complications concerning the post code not being recognised in some systems.
Nearly all residences in Broughton Astley should be revealed. Have you endevoured to search to simply the postcode. Ordinarily it should mention all the properties inside the postcode. Where registered it will show up with a title number. If they bought 50 years ago it's conceivable it may be unregistered. The address might still be revealed but with the title number shown 'na'. In this scenario you will need to find the original title documentation which may be with your parent’s bank.