Due to complete my purchase in Coventry 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 lender. What does the insurance need to cover?
All property lawyers 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 instructions. These requirements are not limited to conveyancing in Coventry.
My wife and I are downsizing from our home in Coventry and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A high street Coventry conveyancer would know that there is no such problem. It does beg the question why the purchasers used an internet conveyancing practice rather than a conveyancing solicitor in Coventry. Having lived in Coventry for 5 years we know that this is a non issue. Do we contact our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
How does conveyancing in Coventry differ for newly converted properties?
Most buyers of new build premises in Coventry come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Coventry typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Coventry or who has acted in the same development.
I am using a search engine for the phrase cheap conveyancing in Coventry it reveals numerous conveyancersin the area. How do I determine which is the suitable property lawyer for me?
The ideal method of choosing the right conveyancer is via personal recommendation, so ask colleagues and family who have bought a property in Coventry or the local estate agent or mortgage broker. Fees for conveyancing in Coventry vary, so it's sensible to obtain a minimum of four costs illustrations from varying types of conveyancers. Dont forget to clarify what costs in the quote includes.
Back In 2009, I bought a leasehold house in Coventry. Conveyancing and Clydesdale mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Coventry who acted for me is not around. Any advice?
The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Coventry conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a ground floor flat in Coventry, conveyancing was carried out September 2008. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Coventry with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2083
You have 58 years unexpired we estimate the premium for your lease extension to span between £21,900 and £25,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
I'm selling a bungalow in Coventry. I can find my conveyancer's company on the Law Society's list, but I can't locate my lawyer's name on the list. Is this a big problem?
Not all staff in the law firm must be listed by the regulator. As long there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unlicensed staff.