I am hoping to move into my new home in Kilgetty next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the bank 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 obligations are not specific to conveyancing in Kilgetty.

Should my lawyer be asking questions regarding flooding as part of the conveyancing in Kilgetty.

The risk of flooding is if increasing concern for solicitors dealing with homes in Kilgetty. Some people will purchase a property in Kilgetty, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.

Solicitors are not qualified to give advice on flood risk, but there are a numerous checks that may be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Kilgetty. The standard completed inquiry forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the seller to discover whether the property has historically flooded. If the premises has been flooded in past and is not revealed by the owner, then a purchaser could bring a compensation claim stemming from an misleading reply. A purchaser’s solicitors will also conduct an environmental search. This will disclose if there is a recorded flood risk. If so, additional investigations will need to be conducted.

My wife and I have a 4 bedroom Edwardian property in Kilgetty. Conveyancing lawyer acted for me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?

You need to assess 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kilgetty and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing lawyer who conducted the work.

Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Kilgetty I like with a park and station in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Kilgetty in this price bracket, so just wondered if I would be making a grave error buying a short lease?

Should you need a home loan the remaining unexpired lease term will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.

What are the frequently found defects that you witness in leases for Kilgetty properties?

Leasehold conveyancing in Kilgetty is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

A provision for the recovery of money spent for the benefit of another party.

You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

Kilgetty Leasehold Conveyancing - Sample of Queries Prior to Purchasing

In the main the outlay for major works are not included within service charges, albeit that there some managing agents in Kilgetty obliged tenants to contribute towards a sinking fund and this is used to offset against larger works. Its a good idea to find out as much as possible concerning the managing agents as they will either make your living at the property much simpler or uncomfortable. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to every day matters such as the cleanliness of the communal areas. Don't be afraid to ask other people if they are happy with them. On a final note, find out the dates that you are obliged pay the service charge to the managing agents and precisely what it includes. The majority of Kilgetty leasehold apartments will be liable to pay a service bill for the upkeep of the block levied on behalf of the management company. Should you acquire the property you will have to pay this contribution, usually quarterly accross the year. This can differ from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a ground rent to be met yearly, ordinarily this is not a exorbitant amount, say about £25-£75 but you need to enquire it because occasionally it could be surprisingly expensive.