All was ready to complete my purchase in Kidderminster 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 bank. What risks does the bank 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 UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Kidderminster.
We see that you have a search directory listing law firms on the Kent Reliance conveyancing panel. Do companies pay you a commission if I appoint them for our own conveyancing in Kidderminster?
We are a listing service only for law firms wishing to communicate if they are on the Kent Reliance conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Kidderminster.
I am buying a property and the conveyancer has raised the issue of Chancel Repair for which the property could be liable because it falls into the area of such a church. He has mentioned insurance. Is this strictly necessary for conveyancing in Kidderminster
Unless a prior acquisition of the property completed post 12 October 2013 you may expect conveyancing practitioners delivering conveyancing in Kidderminster to remain encouraging a chancel search and or insurance against a claim.
Am I right to be concerned about brokers that I am dealing with are recommending a national conveyancing firm rather than a High Street Kidderminster conveyancing practice?
As is the case with lots of professional services, often recommendations from relatives can be very helpful. Nevertheless there are many parties with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks may suggest conveyancers to select. Sometimes these lawyers might be known to one of the organisations as being good in their field, but occasionally there may be a commercial relationship behind the endorsement. You are at liberty to choose your own lawyer. You need to be aware that the majority of lenders specify a panel list of lawyers you are obliged to use for the lender related work in your house move.
I am employed by a busy estate agency in Kidderminster where we have experienced a few flat sales derailed as a result of short leases. I have received conflicting advice from local Kidderminster conveyancing solicitors. Can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Kidderminster Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
How much is the annual service fee and ground rent? Many Kidderminster leasehold flats will have a service bill for the upkeep of the building invoiced on behalf of the landlord. Should you purchase the flat you will have to meet this charge, usually quarterly during the year. This could differ from a few hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met annual, this is usually not a exorbitant figure, say around £25-£75 but you should to enquire as sometimes it could be surprisingly expensive. You will want to find out as much as possible regarding the company managing the building as they can either make your life much easier or a lot more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily matters like the tidiness of the communal areas. Enquire of prospective neighbours what they think of them. In conclusion, be sure you understand the dates that the service fees are due to the managing agents and precisely what you get for your money.