All was ready to move into my new home in Chelmsford next Tuesday. My solicitor now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need 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 Part 2 requirements. These requirements are not unique to conveyancing in Chelmsford.
How up to date is your database of Chelmsford solicitors on the UBS conveyancing panel? Do UBS send you an updated list?
Chelmsford conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
I was advised by a few selling agents in Chelmsford to select a conveyancer on your site. What’s the financial incentive for Estate Agents to promote your lawyers over and above another?
We don’t give any financial incentive for directing people to this site. We thought it would be too underhand a fee as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
As co-executor for the estate of my grandfather I am selling a residence in Swansea but I am based in Chelmsford. My conveyancer (approximately 235 miles awayneeds me to execute a statutory declaration before the transaction finalising. Could you suggest a conveyancing solicitor in Chelmsford who can attest this legal document for me?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are based in Chelmsford
What are your top tips when it comes to finding a Chelmsford conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Chelmsford conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Chelmsford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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How familiar is the firm with lease extension legislation?
I inherited a 1 bedroom flat in Chelmsford, conveyancing having been completed October 2008. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Chelmsford with an extended lease are worth £216,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2095
You have 69 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.
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 detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
Our lawyer in Chelmsford has identified a defect with the lease for the apartment we are purchasing in Chelmsford. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.