I am hoping to complete my purchase in Gerrards Cross next Monday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer 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 Part 2 requirements. These obligations are not unique to conveyancing in Gerrards Cross.
We are hoping to buy a newbuild flat in Gerrards Cross with a mortgage from The Mortgage Works.We have a Gerrards Cross conveyancing solicitor but The Mortgage Works says she’s not on their approved list of member firms. It seems we are left with no choice but to instruct a The Mortgage Works panel firm or keep our preferred solicitor and fork out for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its various provisions, a common one being that lawyers must be on the The Mortgage Works conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for The Mortgage Works
I have been on the look out for a ground for flat up to £305k and identified one close by in Gerrards Cross I like with open areas and transport links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Gerrards Cross in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
What does commercial conveyancing in Gerrards Cross cover?
Commercial conveyancing in Gerrards Cross incorporates a wide range of guidance, given by regulated solicitors, relating to business property. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I need to instruct a conveyancing solicitor for my conveyancing in Gerrards Cross. I happened to land on a web site which looks to be the perfect solution If there is a chance to get all formalities completed via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?