I am hoping to complete my purchase in St Margarets next Thursday. My 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 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 UK Finance Lenders’ Handbook requirements. These requirements are not unique to conveyancing in St Margarets.
We are looking to buy a flat and require a conveyancing solicitor in St Margarets who is on the Nottingham conveyancing panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nottingham . We don't recommend any particular firms conducting conveyancing in St Margarets.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The conveyancers who did the conveyancing in St Margarets 10 years ago have long since closed. What do I do?
Assuming the title is registered the details of your ownership will be retained by the Land Registry under a Title Number. It is possible to execute a search at the Land Registry, locate your property and get up to date copies of the Registered Entries for less than a fiver. If the property is Leasehold then the Land Registry will usually hold a certified duplicate of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in St Margarets I like with amenity areas and transport links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in St Margarets suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I'm converting the mortgage on my existing property to a buy to let mortgage with Platform Home Loans Ltd and I will use the rest of the raised equity as a down payment on another house. The location we are looking at is St Margarets. Will your conveyancers be able to act for the two banks and link together the conveyances?
Do use our search tool on this site to ensure that the lawyers are approved by both mortgage companies. Having checked that they are your conveyancer will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you conveyancer and communicate your desired outcome and requirements.