Unfortunately I am unable to travel far from Petworth. I would like to know the reason why all Petworth solicitors are not on all mortgage company panels?
A decade ago most mortgage companies exhibited an attitude to risk which is different than today. The Financial Services Authority in 2010 conducted a thematic review into fraud which concluded: know the property lawyers on your panel. Accordingly, lenders have since looked to extract more data from law firms regarding their processes and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have been removed from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum amount of transactions the lenders insisted on.
Due to move into my new home in Petworth next Friday. My lawyer 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 UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Petworth.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Petworth. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 8/2/2019, the requirements read as follows :
Are there restrictive covenants that are commonly picked up as part of conveyancing in Petworth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Petworth. 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…’
I am hoping to complete next month on a leasehold property in Petworth. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Petworth should include some of the following:
Where does the liability rest to repair and maintain the main walls and foundations. It is important that you know which party is liable for the repair and maintenance of all parts of the block and communal areas Repair and maintenance of the property Your lawyers should enable you to have an understanding of the building insurance obligations You would want to be sent a copy of the lease
I acquired a 1st floor flat in Petworth, conveyancing having been completed 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Petworth with a long lease are worth £176,000. The ground rent is £50 yearly. The lease finishes on 21st October 2099
With 80 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.