All was ready to move into my new home in Cambridge next Monday. My property lawyer 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 lender. What does the insurance need 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 Part 2 conditions. These requirements are not specific to conveyancing in Cambridge.
I am about to put an offer on a leasehold property in Cambridge. The estate agents advise that it is usual for flats in Cambridge to have less than 75 years unexpired on the lease. I am expecting a mortgage with The Mortgage Works. Is this going to be a problem if the lease has 69 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/4/2019 the requirements read as follows :
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
I am helping my aunt sell her flat in Cambridge. Will the conveyancer order the energy assessment or should I organise this?
Following the demise of Home Information Packs, EPC’s was kept a required element of selling a property. An energy performance certificate needs to be to hand before the property is marketed. This is not as aspect of the sale process that lawyers ordinarily arrange. Where you are using a Cambridge conveyancing practitioner they might be able to arrange EPC’s given their contacts with reputable local providers
I am selling my house. I had a double glazing fitted in March 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Coventry BS are being problematic. The Cambridge solicitor who is on the Coventry BS conveyancing panel is recommending indemnity insurance as a solution but Coventry BS are requiring a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS 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.
After shopping around on the internet I have found a Cambridge property lawyer having made sure that they are on the HSBC conveyancing panel. Does my lawyer arrange the survey of the property?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Cambridge surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am looking into buying my first house which is in Cambridge and I am already nervous. I couldn't find anything specific about Cambridge. Conveyancing will be needed in due course but do you know about the Cambridge area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Cambridge. In the meantime here are some basic statistics that we found
Myself and my fiance have just had an offer agreed on a house and had an appointment on Monday with Leeds Building Society for the mortgage. They warned me that when it comes to choosing a conveyancing practitioner that unless they are on their approved panel of conveyancing practitioners then we will have to pay out an additional fee of about two hundred pounds. This is is due to the fact that they will then have to select a solicitor to act on their behalf in addition to the one we appoint on our behalf and we assume responsibility for their fees. I have asked Leeds Building Society to furnish me with a list so I can request estimates only from their approved conveyancers but was told that I need to check with each individual solicitor to see if they are on the panel. Is there a simple way of finding out who is on a lender panel?
You can enquire of Leeds Building Society what their criteria for panel membership is for a solicitor.Thereafter ask the property lawyer of your choice whether they meet the criteria and have they acted on loans for Leeds Building Society previously. If the answer to those is yes, then just double check with Leeds Building Society. Another option is to use our search facility and we should be able to locate a conveyancer in Cambridge on the approved list for Leeds Building Society.