All was ready to move into my new home in Whickham next Friday. My property lawyer now wants me to supply her with evidence 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 bank. What risks does the mortgage company expect the insurance 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 Part 2 requirements. These requirements are not unique to conveyancing in Whickham.
I completed on my flat on 16 October and the transaction details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Whickham expressed confidence that it will be formalised inside ten days. Are transfers in Whickham particularly slow to register?
There is nothing unique about conveyancing in Whickham registration formalities. Rather than based on location, timescales can differ subject to who lodges the application, whether there are errors and whether the Land registry have to notify any other parties. At present in the region of 80% of such applications are fully dealt with within two weeks but some can be subject to longer hold-ups. Historically registration takes place after the new owner has moved in to the property so post completion formalities is not usually an essential issue but if it is urgent that the the registration takes place urgently then you or your solicitor could speak with the land registry and explain the circumstances.
I am looking for a ground for flat up to £245,000 and found one near me in Whickham I like with open areas and transport links nearby, however it's only got 49 years on the lease. I can't really find anything else in Whickham suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan that many years may be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you may request that they start the process of the extension and then assign 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.
Last December I purchased a leasehold flat in Whickham. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Whickham Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
Is there a share of the freehold? Make sure you discover if there are any onerous restrictions in the lease. By way of example it is reasonably common in Whickham leases that pets are not allowed in in a block in Whickham. If you like the apartmentin Whickham but your cat can’t move with you then you have a very difficult compromise. Are any of leasehold owners in arrears of their service charge payments?
Our offer on detached house in Whickham was agreed to, but there is a chain. The owners have offered on a flat, but it’s not been accepted yet, and are looking at other properties booked. I have instructed a nearby conveyancing solicitor in Whickham. What should be my next step? At what point should I apply for the mortgage with HSBC?
It is standard to have concerns where there is a chain given your reluctance to incur costs too early (home loan application is in the region of £1k, then survey, Whickham conveyancing search fees, etc). First, you must check that your conveyancer is on the HSBC conveyancing panel. Regarding the next phase this very much dictated by the circumstances of your case, desire for this property and on the state of the market. In a buoyant market the majority of purchasers would apply for the mortgage with HSBC and arrange for the valuation and only if it comes back ok would they ask their solicitor to press on with searches.