I am hoping to complete my purchase in Capel St Mary next Thursday. 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 mortgage company. What risks does the lender expect the insurance to cover?
Any lawyer 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 instructions. These obligations are not unique to conveyancing in Capel St Mary.
My property lawyer in Capel St Mary has never been on on the Coventry Building Society Approved Panel. Is it possible for me to retain my family solicitor notwithstanding that they are excluded from the Coventry Building Society panel?
The limited options available to you here include:
- Carry on with your existing Capel St Mary solicitors but Coventry Building Society will need to instruct a conveyancer on their list of acceptable firms. This will result in additional total conveyancing fees as well as cause frustration.
- Find a new lawyer to act in the purchase, not forgetting to check they are Persuade your solicitor to do everything within their powers to join the Coventry Building Society conveyancing panel
We have a mortgage agreed in principle with RBS. Capel St Mary conveyancing solicitors have been chosen. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS done the valuation? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am currently in the process of buying my council flat in Capel St Mary. I have a mortgage offer with HSBC. Conveyancing is new to me. 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 HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
Completion of my purchase has taken place for my property in Capel St Mary. Conveyancing was a necessary evil but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
How does conveyancing in Capel St Mary differ for newly converted properties?
Most buyers of new build premises in Capel St Mary contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Capel St Mary typically acquire the land, 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 conveyancing solicitors 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 used to new build conveyancing in Capel St Mary or who has acted in the same development.
What does commercial conveyancing in Capel St Mary cover?
Capel St Mary conveyancing for business premises covers a broad range of guidance, supplied by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
When it comes to leasehold conveyancing in Capel St Mary what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Capel St Mary. All leases are drafted differently and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
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Insurance obligations
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Royal Bank of Scotland, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I invested in buying a 1st floor flat in Capel St Mary, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Capel St Mary with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2075
You have 50 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.