I decided to go with a local lawyer for our conveyancing in Clun yesterday. After carefully reading the Ts and Cs I notewe are liable for fees even if the movefalls through. Would I be best advised to use an internet lawyer promising no-sale-no-fee conveyancing in Clun?
Generally there is a concession along the lines that if "No Sale No Fee" is available then the conveyancing charges will tend to be be higher to counteract the cases that abort. Do bear in mind that these arrangements tend not to protect you from disbursements such your Clun conveyancing search expenses.
I am hoping to complete my purchase in Clun next Monday. My property lawyer 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 bank expect the insurance to cover?
Any lawyer on acting for mortgage companies 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 unique to conveyancing in Clun.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a property in Clun?
Unless a previous acquisition of the premises took place after 12 October 2013 you can expect lawyers delivering conveyancing in Clun to continue to propose a a chancel search and or chancel repair liability insurance.
I am looking for a flat up to £305k and found one round the corner in Clun I like with a park and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Clun in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Can you offer any advice when it comes to choosing a Clun conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Clun conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Clun conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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What volume of lease extensions have they carried out in Clun in the last 12 months? If the firm is not ALEP accredited then why not?
I inherited a studio flat in Clun, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Clun with over 90 years remaining are worth £222,000. The ground rent is £50 levied per year. The lease terminates on 21st October 2096
With 70 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
When it comes to my conveyancing in Clun should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Clun conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.