Due to move into my new home in Southwold next Thursday. My 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?
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 limited to conveyancing in Southwold.
My wife and I own a renovated Georgian property in Southwold. Conveyancing practitioner represented me and Nationwide Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Southwold and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing practitioner who conducted the purchase.
How does conveyancing in Southwold differ for newly converted properties?
Most buyers of new build residence in Southwold approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because developers in Southwold tend to purchase the site, 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 accustomed to new build conveyancing in Southwold or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Southwold in advance of retaining conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies may not issue a loan on such a property.
It varies from the lender to lender. Santander has different instructions from Nationwide. If you contact us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Southwold. Conveyancing may be slightly more expensive based on your lender's requirements.
Can a conveyancer remove a person from the title of my home in Southwold ?
Extracting or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a conveyancing practitioner to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a property lawyer