I am hoping to complete my purchase in Faringdon next Friday. My 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 mortgage company. What risks does the mortgage company expect the insurance to cover?
Any lawyer 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 UK Finance Lenders’ Handbook requirements. These requirements are not limited to conveyancing in Faringdon.
I need some fast conveyancing in Faringdon as I am under an ultimatum to exchange contracts within 2 weeks. Fortunately I do not need a mortgage. Can I escape the need for conveyancing searches to save fees and time?
As you are are a cash purchaser you have the choice not to have searches carried out although no lawyer would advise that you don't. Drawing on our experience of conveyancing in Faringdon the following are examples of what can show up and adversely affect future mortgageability: Enforcement Actions, Overdue Fees, Overdue Grants, Railway Schemes,...
It has been three months following my purchase conveyancing in Faringdon concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build flat in Faringdon. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Faringdon
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are architect prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan.
I have been on the look out for a flat up to £305k and identified one round the corner in Faringdon I like with open areas and station nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Faringdon suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.