Due to move into my new home in St James next Monday. My property 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 lender. What does the insurance need to cover?
Any lawyer 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 UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in St James.
Why is leasehold purchase conveyancing in St James is more expensive?
St James leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am assisting my sister sell her flat in St James. Does the conveyancing solicitor arrange an energy assessment or should I organise this?
After the abolition of Home Packs, energy assessments was kept a compulsory component of selling a house. An EPC should be commissioned prior to the property being advertised. It is not as aspect of the sale process that solicitors normally arrange. Where you are using a St James conveyancing lawyer they may be able to arrange EPC’s due to their relationships with long established St James assessors
I have been told by my lawyer that flying freehold insurance is needed on my purchase. What is the level of cover for St James conveyancing?
The appropriate level of flying freehold indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
When it comes to lenders such as Barclays, do St James conveyancers incur an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Due to the guidance of my in-laws I had a survey completed on a house in St James before instructing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some lenders tend not issue a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in St James. Conveyancing may be slightly more expensive based on your lender's requirements.
How does the Landlord & Tenant Act 1954 impact my commercial property in St James and how can you help?
The particular law that you refer to gives security of tenure to business lessees, giving them the legal entitlement to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and handle your commercial conveyancing in St James