My lawyer has informed me that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Sale?
The right level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
I have paid off my mortgage with Lloyds. I assume I don't need a Sale conveyancer on the Lloyds panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
After what feels like an age I have had an offer on an apartment in Sale agreed to, but there is a chain. The sellers have placed an offer on a property, however it’s not been accepted yet, and have viewings of other properties in the pipeline. I have selected a high street conveyancing solicitor in Sale. What should be my next step? At what stage should I apply for the mortgage with Barclays?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Sale conveyancing search costs, etc). The first thing to do is check that your conveyancer is on the Barclays approved list. Concerning the subsequent stages this very much dictated by the specifics of your case, desire for this property and on the state of the market. During a hot market the majority of home buyers will apply for a home loan with Barclays and pay for the valuation and only if it comes back ok would they pay their property lawyer to move forward with searches.
Will commercial conveyancing searches disclose planned roadworks that may impact a commercial property in Sale?
Its becoming the norm that commercial conveyancing solicitors in Sale will carry out a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Sale. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Sale.
For each commercial conveyancing transaction in Sale it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can cause delays to Sale commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Sale.
How does conveyancing in Sale differ for new build properties?
Most buyers of new build premises in Sale contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Sale tend to buy the real estate, 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 used to new build conveyancing in Sale or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a straight forward, no chain conveyancing. Sale is where the house is located. Can you offer any guidance?
Flying freeholds in Sale are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sale you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sale may ascertain 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 residence.
We own a leasehold flat in Sale. Conveyancing was completed in last year. I have heard that I should not allow the lease length fall too low. Is this right?
Sale domestic long term leases are for a prescribed period - usually ninety nine years when they are first granted. However many appartments in Sale were constructed or converted in the 60’s and so such leases now have fewer than 80 years left to run. That may sound like a long time however Banks, Building Societies and other mortgage companies on the whole require leases to have at least 75 years left to adequate security. This means that when you come to sell the property you will need a lease extension if you are approaching eighty years. To increase the saleability of your property you should be considering whether or not to extend your lease well in advance of selling the property. Furthermore advantages to taking action before the lease hits 80 years as when the lease falls below 80 years the amount to be paid to extend starts to increase.