I am hoping to complete my purchase in Ringwood next Thursday. My solicitor now wants me to supply her with evidence of content and building insurance for the property 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?
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 Part 2 conditions. These obligations are not unique to conveyancing in Ringwood.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Kent Reliance Solicitor panel ahead of completing my conveyancing in Ringwood?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
How does conveyancing in Ringwood differ for newly converted properties?
Most buyers of new build residence in Ringwood contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because developers in Ringwood typically 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 property lawyers 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 accustomed to new build conveyancing in Ringwood or who has acted in the same development.
Should I instruct a Ringwood conveyancing solicitor who is local to the property I am purchasing? I have an old university friend who can execute the conveyancing but her office is 400kilometers drive away.
The primary upside of using a local Ringwood conveyancing practice is that you can pop in to execute paperwork, deliver your ID and apply pressure on them if necessary. They will also have local insight which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were impressed that must trump using an unfamiliar Ringwood conveyancing lawyer solely due to them being Ringwood based.
I only have Seventy years remaining on my lease in Ringwood. I am keen to extend my lease but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to find the lessor. On the whole a specialist would be useful to try and locate and to produce a report to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court overseeing Ringwood.
Ringwood Leasehold Conveyancing - A selection of Queries Prior to Purchasing
The best form of lease structure is a share of the freehold. In this arrangement the lessees enjoy being in charge if their destiny and even though a managing agent is often retained where it is larger than a house conversion, the managing agent employed by the leaseholders. It would be sensible to find out as much as you can concerning the company managing the block as they will either make living at the property much simpler or problematic. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day matters like the upkeep of the communal areas. Don't be shy to ask prospective neighbours if they are happy with them. Finally, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically what it includes. What prohibitions exist in the Ringwood Lease?