Due to move into my new home in Grange Over Sands next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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?
Any lawyer 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 specific to conveyancing in Grange Over Sands.
It is a dozen years since I acquired my home in Grange Over Sands. Conveyancing lawyers have just been instructed on the sale but I am unable to track down the title deeds. Is this a major issue?
You need not be too concerned. Firstly there is a chance that the deeds will be kept by your lender or they could still be with the lawyers who oversaw your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Most conveyancing in Grange Over Sands relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
I require expedited conveyancing in Grange Over Sands as I am under pressure to exchange contracts in less than 3 weeks. Thankfully I do not need a mortgage. Can I decline from having conveyancing searches to save fees and time?
If.Given you are are a cash purchaser you are at free not to have searches carried out although no lawyer would advise that you don't. Drawing on years of experience of conveyancing in Grange Over Sands the following are examples of what can appear and therefore impact market value: Enforcement Actions, Outstanding Fees, Overdue Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Grange Over Sands?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Grange Over Sands. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a ground for flat up to £305k and found one round the corner in Grange Over Sands I like with a park and station nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Grange Over Sands in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.