Due to move into my new home in Ettington next Tuesday. 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 bank. What risks does the lender expect the insurance to cover?
Any lawyer 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 instructions. These requirements are not specific to conveyancing in Ettington.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Ettington?
Two types of professional can perform conveyancing in Ettington namely CLC regulated conveyancers or solicitors. Both professionals provide conveyancing services that required to complete the sale or purchase of property. They are both required to conduct Ettington conveyancing on similar standards and guidelines so you can be safe in the knowledge that your conveyancing will be properly administered and that all necessary steps should be correctly adhered to.
I'm the only recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Ettington. The Ettington property was put into my name in January. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my proprietorship will be regarded the same way as if I'd bought the house in January. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Some lenders would take a pragmatic view as this provision is chiefly there to capture subsales or the wholesaling and assigning of property.
My sealed bid on a house in Ettington has been accepted, the owners do nevertheless have a connected purchase. The owners have offered on on an apartment, but it’s not been accepted yet, and have viewings of other properties in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Ettington. What do I do now? At what point should I apply for the mortgage with Co-operative?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then valuation, Ettington conveyancing search costs, etc). First, you should ensure that your lawyer is on the Co-operative conveyancing panel. Regarding the subsequent steps this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. In a buoyant market the majority of home buyers will apply for the mortgage with Co-operative and arrange for the valuation and only if it comes back ok would they request their solicitor to press on with searches.
Me and my brother own a semi-detached Edwardian house in Ettington. Conveyancing practitioner represented me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ettington and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing lawyer who carried out the work.
How does conveyancing in Ettington differ for new build properties?
Most buyers of new build residence in Ettington approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Ettington typically buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Ettington or who has acted in the same development.
I am on look out for some leasehold conveyancing in Ettington. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Ettington - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a garden flat in Ettington, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Ettington with over 90 years remaining are worth £190,000. The ground rent is £65 yearly. The lease expires on 21st October 2085
You have 61 years remaining on your lease the likely cost is going to span between £19,000 and £22,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.