Due to complete my purchase in Great Baddow 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 bank. What risks does the bank 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 UK Finance Lenders’ Handbook conditions. These requirements are not specific to conveyancing in Great Baddow.
Finally the sale completed on my house in Great Baddow last November yet the purchaser is Skype messaging daily complaining that her lawyer needs to hear from mylawyer. What should my lawyer have done following completion?
Following your house sale your lawyer should send the transfer deeds and all supplemental paperwork to the purchaser's lawyers. Depending on the transaction, your solicitor must also send confirmation that the legal charge in favour of the lender has been redeemed to the buyers lawyers. There are no post completion formalities peculiar conveyancing in Great Baddow.
I used Stirling Law a few years ago for my conveyancing in Great Baddow. Now, I need the files however cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Great Baddow of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
My husband and I are new on the property ladder - agreed a price, but the property agent told us that the owners will only issue a contract if we appoint the agent's preferred solicitors as they need a ‘quick sale’. My instinct tells me that we should use a local solicitor who is familiar with conveyancing in Great Baddow
We suspect that the owner is not behind this ultimatum. If they desire ‘a quick sale', turning down a genuine buyer is counter productive. Contact the sellers directly and make sure they comprehend that (a)you are serious purchasers (b)you are ready to progress, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you intend to instruct your own,trusted Great Baddow conveyancing firm - rather thanthose that will give their estate agent a introducer fee or achieve conveyancing targets set by HQ.
I am looking at a two maisonettes in Great Baddow which have approximately fifty years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Great Baddow is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Great Baddow conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a garden flat in Great Baddow, conveyancing formalities finalised February 2008. Can you work out an approximate cost of a lease extension? Equivalent flats in Great Baddow with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2087
You have 61 years unexpired we estimate the price of your lease extension to be between £19,000 and £22,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
My son is about to join the property ladder, he had his mortgage in principle. When the seller agreed the offer on the flat we contacted the mortgage institution to progress the mortgage application. I was disappointed to discover that mortgage lenders do not accept all conveyancer, they need to be on their approved list, is this legal?
Mortgage Companies tend to imposes restrictions either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Great Baddow solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.