I am hoping to move into my new home in St Andrews next Tuesday. My property lawyer now wants me to supply her with proof 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 mortgage companies 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 requirements are not unique to conveyancing in St Andrews.
The deeds to my house can not be found. The lawyers who handled the conveyancing in St Andrews 4 years ago have long since closed. Will I be able to sell the house?
Assuming you have a registered title the details of your ownership will be evidenced by the Land Registry with a Title Number. It is possible to carry out a search at the Land Registry, locate your house and secure current copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will also normally retain a certified copy of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I decided to have a survey done on a house in St Andrews before retaining solicitors. I have been told that there is a flying freehold element to the house. The surveyor advised that some mortgage companies may refuse to grant a loan on this type of premises.
It varies from the lender to lender. Santander has different requirements for example to Halifax. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in St Andrews. Conveyancing will be smoother if you use a solicitor in St Andrews especially if they are acquainted with such properties in St Andrews.
How simple is it to use the search app to locate a conveyancing practitioner in St Andrews on the authorised to act for my mortgage?
Step one is to pick a bank such as Nationwide Building Society, Bank of Scotland or TSB then specify your location for example St Andrews. Conveyancing organisations in St Andrews and nationally will then be identified.
We are in the middle of purchasing a residence in St Andrews. Conveyancing lawyer has told us the title is "Leasehold". Does this adversely affect the marketability of the property?
St Andrews conveyancing does not normally involve leasehold houses. The key consideration here is the remaining lease term and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the saleability significantly.
At the other end of the spectrum, if it's, say, 50 years it is bound to have a adverse effect on the saleability, and probably wouldn't be acceptable to the bank. The length of lease and ground rent will be set out in the lease to be supplied to your solicitor.