All was ready to move into my new home in Henllys next Tuesday. 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 lender. What risks does the bank 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 UK Finance Lenders’ Handbook requirements. These requirements are not limited to conveyancing in Henllys.
What will a local search reveal regarding the property we're buying in Henllys?
Henllys conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search is essential in every Henllys conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
It has been 3 months since my purchase conveyancing in Henllys took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 residence 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.
I am looking for a flat up to £195,000 and found one near me in Henllys I like with amenity areas and station nearby, however it only has 49 remaining years left on the lease. There is not much else in Henllys in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the remaining unexpired lease term may be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
How and when do I incur stamp duty payable for my Henllys house purchase?
The majority of lawyers will complete a stamp duty return for you as part of your Henllys conveyancing transaction for you to sign. After completion your lawyer will submit your STL Return Form to the Tax Authorities and - assuming they have the funds - pay any tax bill liability for you.