I am hoping to move into my new home in Brynford next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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?
Any lawyer 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 Part 2 instructions. These obligations are not specific to conveyancing in Brynford.
I have recentlybecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Brynford for a purchase of a leasehold apartment 10 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The easiest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Brynford conveyancing specialists.
How does conveyancing in Brynford differ for newly converted properties?
Most buyers of new build premises in Brynford contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Brynford typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Brynford or who has acted in the same development.
I was pointed in your direction by two or three local selling agents in Brynford to find a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to offer your lawyers ahead of a competitor’s?
We don’t give any commission for directing people our way. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am attracted to a two maisonettes in Brynford both have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Brynford is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Brynford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Brynford Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
How much is the ground rent and service charge? It would be sensible to discover as much as possible concerning the company managing the block as they can either make your life much simpler or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to daily issues like the upkeep of the common parts. Ask other tenants what they think of them. In conclusion, find out the dates that the service fees are due to the managing agents and precisely what you get for your money.