I am hoping to move into my new home in Chiseldon next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need 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 Part 2 conditions. These obligations are not limited to conveyancing in Chiseldon.
Having invested time reading mumsnet.com for a recommended solicitor in Chiseldon, many say that I should use a CQS assured lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's biggest lenders. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Council of Licensed Conveyancing. Chiseldon is one of the numerous areas of the UK where there are Accredited solicitors.
Two weeks ago we had a mortgage agreed in principle with Virgin Money. Chiseldon conveyancing solicitors are instructed. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
Some lenders take longer than others. Have Virgin Money done the survey? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Chiseldon building society branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Chiseldon conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
After months of negotiation I have agreed a price on an apartment in Chiseldon. My financial adviser pressured me to appoint their solicitor. I paid an advanced payment of £200. Soon after, the lawyer called me sheepishly admitting that they were not on the Skipton conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Skipton panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
What will a local search inform me regarding the property my wife and I buying in Chiseldon?
Chiseldon conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance Searchflow The local search is essential in every Chiseldon conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search should reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
We're novice buyers - agreed a price, yet the agent informed us that the seller will only issue a contract if we instruct their chosen conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer used to conveyancing in Chiseldon
We suspect that the seller is unaware of this demand. Should the owner require ‘a quick sale', alienating a serious buyer is counter productive. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are ready to progress, with finances in place © you do not need to sell (d) you wish to move quickly (e)however you will continue to appoint your own,trusted Chiseldon conveyancing firm - rather thanthe ones that will provide the estate agent a referral fee or meet his conveyancing figures set by head office.
What advice can you give us when it comes to appointing a Chiseldon conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Chiseldon conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Chiseldon conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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How familiar is the firm with lease extension legislation? Can they put you in touch with clients in Chiseldon who can give a testimonial?
I own a ground floor flat in Chiseldon, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Chiseldon with an extended lease are worth £201,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2090
With 65 years unexpired we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should 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 want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.