All was ready to move into my new home in Cotgrave next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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 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 requirements. These obligations are not limited to conveyancing in Cotgrave.
Can I use your services to find a Conveyancing solicitor in Cotgrave even where I’m not buying or selling a house, for example if I want to buy a shop in Cotgrave with a mortgage from HSBC Bank?
Our search tool is mainly utilised to find domestic conveyancing solicitors in Cotgrave but we have recorded towards the bottom of this page some Cotgrave commercial conveyancing firms. You will need to speak with the solicitors directly to check if they can also act for HSBC Bank
My wife and I purchasing a detached bungalow in Cotgrave. The intention is to convert the garage to an office at the property.Will the conveyancing process involve checks to see if these alterations are prohibited?
Your solicitor should check the deeds as conveyancing in Cotgrave will on occasion identify restrictions in the title deeds which restrict certain changes or need the consent of a 3rd party. Many works need local authority planning consent and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
I am buying a property in Cotgrave. One unusual aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Principality your lawyer must comply with the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for Principality. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Principality where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties in England and Wales and is not restricted to Cotgrave.
Planning on purchasing a maisonette in Cotgrave. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Cotgrave conveyancer is on the Lloyds conveyancing panel.
I've recently bought a leasehold property in Cotgrave. Do I have any liability for service charges relating to a period prior to my ownership?
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. A critical element of leasehold conveyancing for your conveyancer to be sure 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 bought a basement flat in Cotgrave, conveyancing was carried out in 2000. How much will my lease extension cost? Similar flats in Cotgrave with an extended lease are worth £211,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2086
You have 68 years unexpired the likely cost is going to be between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
We own a leasehold flat in Cotgrave. Conveyancing was completed in last year. I have been told that I mustn’t let the lease length get too short. Is this right?
Cotgrave domestic long term leases are for a fixed term - normally just under one hundred years when they started. However many appartments in Cotgrave were constructed or converted in the 60’s and so such leases now have fewer than eighty years unexpired. This may seem like plenty of time however Banks, Building Societies and other mortgage lenders tend to require leases to have at least seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To increase the marketability of your property you should be considering whether or not to extend your lease long before you come to sell it. You should note that there are significant benefits to taking action before the lease hits eighty years as when the lease is less than 80 years the amount to be paid to extend starts to increase.