I am hoping to complete my purchase in Ivybridge next Monday. 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 bank. What risks does the mortgage company expect the insurance to cover?
All property lawyers 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 UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Ivybridge.
We're in Ivybridge, FTBs buying with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when acquiring a house in Ivybridge?
Unless a previous purchase of the house took place post 12 October 2013 you can expect lawyers conducting conveyancing in Ivybridge to continue to propose a a chancel search and or insurance against a claim.
Are there restrictive covenants that are commonly identified as part of conveyancing in Ivybridge?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Ivybridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Ivybridge I like with open areas and station nearby, however it's only got 52 years unexpired on the lease. There is not much else in Ivybridge for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can request that they start the process of the extension and then assign 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 regarding this matter.