Due to move into my new home in Canton next Friday. My conveyancer 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 does the insurance need to cover?
Any lawyer on acting for banks 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 Canton.
We are planning to purchase with Norwich and Peterborough Building Society. We have called around locally yet cant to find a Canton conveyancing firm on the Norwich and Peterborough Building Society approved list. Please you help?
Please do make the most of the find a lender approved solicitor tool on this web page. Please choose the lender and type Canton or your preferred area and you will discover a number of lawyer offices in Canton or near you.
I used Stirling Law a few years past for my conveyancing in Canton. Now, I need my documents but cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Canton of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Canton is the location of the property. What do you suggest?
Flying freeholds in Canton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Canton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Canton may determine 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 residence.
I am looking at a couple of maisonettes in Canton which have in the region of fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Canton is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive 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 a property 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 Canton 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
Leasehold Conveyancing in Canton - Sample of Queries before Purchasing
It would be prudent to find out as much as possible concerning the managing agents as they can either make your life much easier or much more difficult. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to every day matters like the tidiness of the common parts. Enquire of other people what they think of their management. In conclusion, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically what it includes. Is the freehold reversion owned jointly by the leaseholders? Are any of leasehold owners in arrears of their service charge payments?