All was ready to move into my new home in Newington next Friday. My conveyancing practitioner now wants me to supply her with proof 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 lender. What risks does the bank 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 unique to conveyancing in Newington.
Why do I have to pay up front for my conveyancing in Newington?
If you are buying a property in Newington your lawyer will ask you to provide them with monies to cover the search fees. Generally this is asked for to cover the fees of the conveyancing searches. If any deposit is payable against the sale price then this should be required shortly in advance of exchange of contracts. The final balance that is due should be sent to your lawyer shortly before completion.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Newington. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 10/12/2025, the requirements read as follows :
I have been on the look out for a flat up to £195,000 and found one round the corner in Newington I like with amenity areas and station nearby, however it's only got 61 years unexpired on the lease. There is not much else in Newington suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
In what way does the Landlord & Tenant Act 1954 impact my business premises in Newington and how can you help?
The 1954 Act provides a safeguard to commercial tenants, giving them the dueness to make a request to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act for protection and assist with commercial conveyancing in Newington