I am hoping to move into my new home in Honiton next Thursday. 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 lender expect the insurance to cover?
All property lawyers on acting for banks 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 Honiton.
How does conveyancing in Honiton differ for new build properties?
Most buyers of new build property in Honiton contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because builders in Honiton tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Honiton or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and identified one close by in Honiton I like with a park and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Honiton for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I was pointed in your direction by a number of selling agents in Honiton to locate a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to recommend your services ahead of another?
We refuse to give any referral fee for pointing buyers and sellers in our direction. We found it would be just too difficult to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
In my capacity as executor for the estate of my grandfather I am disposing of a property in Monmouth but I am based in Honiton. My solicitor (approximately 200 miles from meneeds me to execute a statutory declaration ahead of completion. Could you suggest a conveyancing practitioner in Honiton who can witness and place their company stamp on the document?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are based in Honiton