Due to move into my new home in Gillingham next Friday. 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 mortgage company. What risks does the lender 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 Part 2 instructions. These obligations are not limited to conveyancing in Gillingham.
Why do I have to pay up front when it comes to conveyancing in Gillingham?
Where you are retaining lawyers for conveyancing in Gillingham your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. Generally this is called for to cover the fees of the Local Authority Search. When the down payment is payable against the purchase price then this will be needed immediately ahead of exchange of contracts. Any further balance that is needed should be transferred a few days ahead of the completion date.
A friend suggested that if I am purchasing in Gillingham I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Gillingham conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Gillingham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Gillingham Education with maps and statistics, Local Amenities and other useful data about Gillingham.
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Gillingham I like with amenity areas and transport links nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Gillingham for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the shortness of the lease will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
My brother has urged me to use his conveyancers in Gillingham. Should I use them?
No doubt the ideal way to find a conveyancing lawyer is to get referrals from friends or relatives who have actually experience in using the conveyancer that you are are thinking of instructing.