Due to move into my new home in Norton next Monday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the bank expect the insurance 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 Part 2 conditions. These obligations are not limited to conveyancing in Norton.
I require quick conveyancing in Norton as I am faced with pressure to exchange contracts within one month. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
If.Given you are are a mortgage free buyer you have the choice not to do searches although no lawyer would suggest that you don't. With lots of history conveyancing in Norton the following are examples of what can crop up and adversely impact market value: Enforcement Actions, Overdue Fees, Overdue Grants, Unadopted Roads,...
How does conveyancing in Norton differ for newly converted properties?
Most buyers of new build property in Norton come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because developers in Norton usually purchase the real estate, 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 conveyancers 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 Norton or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and found one close by in Norton I like with open areas and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Norton for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may ask them to 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 consult your conveyancing solicitor about this.
My husband and I are new to the buying process - agreed a price, but the property agent has warned us that the owners will only issue a contract if we instruct their chosen lawyers as they need an ‘expedited deal’. Our preferred option is to instruct a family solicitor who is familiar with conveyancing in Norton
We suspect that the seller is unaware of this ultimatum. Should the seller want ‘a quick sale', turning down a genuine purchaser is going to damage their objectives. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you are going to instruct your preferred Norton conveyancing firm - rather thanthe ones that will give the estate agent a introducer fee or achieve conveyancing figures demanded by senior management.