I am hoping to move into my new home in Kingsdown 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 mortgage company. 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 specific to conveyancing in Kingsdown.
How does conveyancing in Kingsdown differ for new build properties?
Most buyers of new build premises in Kingsdown contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Kingsdown tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Kingsdown or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Kingsdown is the location of the property. Can you offer any opinion?
Flying freeholds in Kingsdown are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kingsdown you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kingsdown may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I work for a long established estate agent office in Kingsdown where we have experienced a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Kingsdown conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 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 purchaser.
Kingsdown Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
You will want to find out as much as possible regarding the company managing the block as they will impact your use and enjoyment of the property. 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 communal areas. Enquire of other people what they think of their service. In conclusion, find out the dates that the service fees are due to the relevant party and specifically what it includes. Is anyone aware of any major works anticipated that will likely add a premium to the service costs? For most Kingsdown leaseholds the cost for major works tend not to be included within service charges, albeit that there some managing agents in Kingsdown obliged tenants to contribute towards a reserve fund and this is used to offset against major works.
My husband and I have today had an offer accepted on our 1st home in Kingsdown, and are about to get solicitors instructed. We have utilised the numerous rating tools and the results are from all over the England and Wales. Is it advisable to have a Kingsdown property lawyer local to your prospective property? We are content to do everything over email, but I assume at some stage we will be required to visit the conveyancing practitioner's office to sign papers?
Usually there is no requirement to attend the office of your conveyancer, they can post any relevant documents to you, which you can sign and return. Many home movers nevertheless opt to instruct a locally based solicitor, but it's by no means essential for conveyancing in Kingsdown.