All was ready to move into my new home in Ely 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 lender. 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 requirements are not limited to conveyancing in Ely.
My Solicitor in Ely has never been on on the The Royal Bank of Scotland Conveyancing Panel. Is it possible for me to retain my family solicitor even though they are excluded from the The Royal Bank of Scotland panel?
The limited options available to you here include:
- Carry on with your existing Ely lawyers but The Royal Bank of Scotland will need to instruct a solicitor on their list of acceptable firms. This will inevitably rack up the total conveyancing fees and cause frustration.
- Choose a new solicitor to to deal with the purchase, not forgetting to check they are Persuade your conveyancer to do everything within their powers to join the The Royal Bank of Scotland conveyancing panel
How does conveyancing in Ely differ for new build properties?
Most buyers of new build property in Ely come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Ely usually buy the real estate, 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 conveyancing solicitors 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 Ely or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and found one close by in Ely I like with amenity areas and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Ely suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan that many years will be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Is it possible to transfer to a new firm as I have to select one who is on the The Mortgage Works conveyancing panel. I had appointed a high street conveyancing solicitor in Ely round the corner but the firm is not approved by The Mortgage Works
We will our best to assist in finding you a conveyancing solicitor in Ely on the The Mortgage Works panel. Please note that the law firms that we work with do not pay us fee if you instruct them and are regulated by the SRA who oversee all conveyancing solicitors in Ely. Using search facility on this website, you can scrutinise costs for conveyancing solicitors in Ely and beyond.
Me and my husband are purchasing a leasehold flat in Ely. Conveyancing estimates are averaging around £two thousand. Does that seem right?
The average cost last year for conveyancing in Ely was £1,395 excluding Stamp Duty and HM Land Registry charges.