All was ready to complete my purchase in Sully next Friday. My 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 bank. What risks does the mortgage company 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 obligations are not limited to conveyancing in Sully.
Two weeks ago we had a mortgage agreed in principle with . Sully conveyancing solicitors were chosen. How long does it take for to issue the offer to the ?
Some lenders take longer than others. Have done the valuation? Have you advised as to your lawyers' details and checked that your lawyers are on the conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have paid off my mortgage with . I assume I don't need a Sully on the panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the mortgage from the register. , and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where has sent the Land Registry the discharge electronically, and
- has instructed the Land Registry to do so
I am currently in the process of buying my council flat in Sully. I have a mortgage agreed with . Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with , you will need to appoint a solicitor on the conveyancing panel.
I have been on the look out for a flat up to £305k and found one round the corner in Sully I like with amenity areas and station in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Sully suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years will be a potential deal breaker. Reduce 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 twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I purchased a 1 bedroom flat in Sully, conveyancing formalities finalised in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Sully with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 50
With 50 years left to run the likely cost is going to span between £36,100 and £41,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
I have miscalculated my finances and am a few thousand pounds short a 10% deposit on my house purchase in Sully , but I still want to proceed. Do I have options?
One option is to try and agree a smaller deposit. Many property owners will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second