I am hoping to complete my purchase in Dinnington next Thursday. My conveyancer now wants me to supply her with proof 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 risks does the lender expect the insurance 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 requirements are not specific to conveyancing in Dinnington.
In what way does my ID and proof of funds have anything to do with my conveyancing in Dinnington? Is this really warranted?
To satisfy the Money Laundering Regulations any Dinnington conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing where you live.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to validate not simply the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the appropriate authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Dinnington I like with open areas and transport links nearby, however it's only got 52 years on the lease. There is not much else in Dinnington suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
In my capacity as executor for the will of my grandmother I am selling a property in Neath but live in Dinnington. My conveyancer (who is 250 miles awayneeds me to sign a statutory declaration prior to the transaction finalising. Can you recommend a conveyancing practitioner in Dinnington who can witness this legal document for me?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are Dinnington based
I own a leasehold house in Dinnington. Conveyancing and Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Dinnington who acted for me is not around. Do I pay?
The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Dinnington conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Dinnington Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
This information is important as a) areas could cause problems for the block as the communal areas may begin to deteriorate where maintenance are not paid for b) if the leaseholders have an issue with the managing agents you will need to have full disclosure Is the freehold owned collectively by the leaseholders? Who manages the building?