Due to move into my new home in Castle Donington next Thursday. My solicitor now wants me to supply her with evidence 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 mortgage company expect the insurance to cover?
All property lawyers 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 conditions. These requirements are not specific to conveyancing in Castle Donington.
I have been told that property searches are the number one reason for hinderance in Castle Donington house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Castle Donington.
I have a 4 bedroom Edwardian house in Castle Donington. Conveyancing solicitor represented me and TSB. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold with the exact same property. Is it worth asking TSB to clarify?
You need to read 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 Castle Donington and other locations in 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 purchasers. You can also question the situation with your conveyancing practitioner who conducted the conveyancing.
Should I choose a Castle Donington conveyancing lawyer who is local to the property I am buying? We have a good friend who can handle the legal formalities however his firm is located a couple of hundredkilometers drive away.
The primary upside of using a local Castle Donington conveyancing practice is that you can drop in to execute paperwork, present your ID and pester them if necessary. They will also have local knowledge which is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and they were impressed that should surpass using an unknown Castle Donington conveyancing lawyer solely due to them being Castle Donington based.
Last May I purchased a leasehold flat in Castle Donington. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a garden flat in Castle Donington, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Castle Donington with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2080
With 56 years unexpired the likely cost is going to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
We are planning to purchase a three room first floor flatin Castle Donington with a loan from a mortgage company. We would like to retain our lawyer in Castle Donington however our mortgage company says he's not on their "panel". It seems we have little choice but to instruct from the our lender panel solicitors or keep our Castle Donington solicitor and incur the extra costs for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage company home loan offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender's conveyancing panel. in the past, most lenders had large numbers of law firms on their panels, including most conveyancing solicitors in Castle Donington : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your lender.