I am hoping to complete my purchase in Gwaelod Y Garth next Tuesday. My property lawyer 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 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 requirements. These requirements are not unique to conveyancing in Gwaelod Y Garth.
Due to the advice of my in-laws I had a survey completed on a house in Gwaelod Y Garth in advance of instructing lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies may refuse to grant a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Gwaelod Y Garth. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been pointed in your direction by numerous property agents in Gwaelod Y Garth to get a quote from a conveyancer on your site. What’s the financial incentive for Estate Agents to recommend your site ahead of a competitor’s?
We refuse to offer any referral fee for sending work to this site. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My father-in-law has urged me to instruct his conveyancing solicitors in Gwaelod Y Garth. Do I follow his guidance?
No doubt the best way to select a conveyancing solicitor is to seek guidance from friends or family who have actually used the firm you're considering.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Gwaelod Y Garth. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Gwaelod Y Garth ?
The majority of houses in Gwaelod Y Garth are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Gwaelod Y Garth in which case you should be shopping around for a Gwaelod Y Garth conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will advise you fully on all the issues.
Gwaelod Y Garth Leasehold Conveyancing - Sample of Queries Prior to buying
How is the lease structured? Its a good idea to discover as much as you can regarding the managing agents as they can either make life much easier or a lot more difficult. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the tidiness of the common parts. Ask prospective neighbours whether they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the appropriate party and specifically what you get for your money.