All was ready to complete my purchase in Hurworth next Monday. My 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 bank. What does the insurance need 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 unique to conveyancing in Hurworth.

Why do I have to pay up front when it comes to conveyancing in Hurworth?

If you are buying a property in Hurworth your lawyer will ask you place them with funds to cover the search fees. Generally this is requested to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this will be needed shortly in advance of exchange of contracts. Any further balance that is due will be payable a few days prior to the day of completion.

I am purchasing my first flat in Hurworth benefiting from help to buy. The builders would not reduce the amount so I negotiated £7000 of extras instead. The property agent suggested that I not disclose to my solicitor about this side-deal as it may put at risk my loan with . Do I keep my lawyer in the dark?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I have been on the look out for a ground for flat up to £195,000 and identified one round the corner in Hurworth I like with open areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Hurworth in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?

Should you require a mortgage that many years will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension 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 lawyer regarding this matter.

Leasehold Conveyancing in Hurworth - A selection of Queries Prior to buying

This information is helpful as a) areas could result in problems for the building as the common areas may begin to deteriorate where maintenance are not paid for b) if the tenants have an issue with the managing agents you will need to know about it Are there any major works anticipated that will likely add a premium to the maintenance fees?