All was ready to move into my new home in Chorlton next Thursday. 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 lender. 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 Part 2 requirements. These requirements are not specific to conveyancing in Chorlton.
I am purchasing a victorian detached house in Chorlton. We would like to an extension at the rear at the house.Will legal work on the property include checks to see if these works are permitted?
Your solicitor will check the deeds as conveyancing in Chorlton will sometimes identify restrictions in the title documents which prevent certain alterations or require the consent of another owner. Many additions require local authority planning permissions and approval under the building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these issues with a surveyor ahead of any purchase.
Can you point me to a directory of HSBC panel conveyancers in Chorlton on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association websites. A small selection of lending institutions make their panel listings viewable online. Where you are seeking to appoint a Chorlton property lawyer on the HSBC please make the most of our facility.
It is not clear whether my bank requires a lease extension. I have telephoned my Chorlton bank branch on various occasions and was told they are content with the situation and they will lend. My Chorlton conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the conveyancer is on the mortgage company approved list, they must comply with the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Just had an offer accepted on a new build flat in Chorlton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Chorlton
-
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I opted to have a survey carried out on a house in Chorlton in advance of appointing conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some banks will not issue a loan on this type of house.
It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chorlton. Conveyancing may be slightly more expensive based on your lender's requirements.
What makes a Chorlton lease defective?
Leasehold conveyancing in Chorlton is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
-
Maintenance charge proportions which don’t add up to the correct percentage Repairing obligations to or maintain parts of the premises
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I inherited a 1st floor flat in Chorlton, conveyancing having been completed in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Chorlton with an extended lease are worth £185,000. The ground rent is £65 per annum. The lease expires on 21st October 2086
With only 61 years unexpired we estimate the price of your lease extension to span between £19,000 and £22,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
My partner is purchasing a studio flat in Chorlton. He has received an estimate by the solicitor connected to the estate agents and it came to £1385 . It was seven years ago I sold and purchased a home and it cost was £495. Have fees really increased to that extent?
You should visit 3 or 4 local Chorlton conveyancing solicitors seeking prices. You should base your selection not only on cost, but on promptness and on how comprehensive the reply was.