All was ready to move into my new home in Deeside next Monday. My property lawyer 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?
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 Part 2 conditions. These obligations are not specific to conveyancing in Deeside.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would much rather use a Deeside based conveyancing firm?
You should check but the chances are that give you one of their panel conveyancers should you accept the "fee-free" deal. Speak to the lender to check if they offer you a monetary alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Deeside.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Deeside?
There are many registered licenced Conveyancers in Deeside and Solicitor firms in Deeside offering conveyancing It is important to make clear that the two are regulated professionals specialising in the legal work in the home buying process. They may both also handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
We expect to receive a DIP from Santander this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Deeside solicitors on the Santander conveyancing panel, or is it better to go independently?
You will need to appoint Deeside solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I recently had an offer agreed on a house in Deeside. My mortgage broker suggested a solicitor. I paid an on account payment of £200. Soon after, the conveyancer called me embarrassingly acknowledging that they were not on the TSB 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 TSB 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.
It has been 3 months since my purchase conveyancing in Deeside completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How easy is it to use your search facility to choose a conveyancing solicitor in Deeside on the approved list for my bank?
1st select a lender such as Yorkshire Building Society, The Royal Bank of Scotland or Bank of Ireland then type in your preferred area a common one being Deeside. Conveyancing organisations in Deeside and beyond will then be shown.
I work for a long established estate agency in Deeside where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Deeside conveyancing solicitors. Can you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a garden flat in Deeside, conveyancing formalities finalised November 2003. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Deeside with a long lease are worth £191,000. The ground rent is £55 invoiced every year. The lease ends on 21st October 2079
You have 54 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues 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 without first seeking the advice of a professional.