Due to complete my purchase in St Columb next Thursday. My lawyer now wants me to supply her with proof 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 risks does the bank expect the insurance 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 instructions. These requirements are not limited to conveyancing in St Columb.
Are the BSA planning on creating a search tool with a view to list law firms on the Melton Mowbray Building Society conveyancing panel for instance in St Columb?
We have not been informed any plans on the part of the BSA to promote such a search facility.
What can a local search tell me concerning the house my wife and I purchasing in St Columb?
St Columb conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance PSG The local search is essential in every St Columb conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
It has been 3 months following my purchase conveyancing in St Columb took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £235,500 and found one close by in St Columb I like with a park and station in the vicinity, however it only has 51 years on the lease. There is not much else in St Columb for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan that many years may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.