I am hoping to complete my purchase in Hightown next Thursday. My 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 bank. What does the insurance need 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 Part 2 instructions. These obligations are not unique to conveyancing in Hightown.
We note that you have a post code search directory identifying solicitors on the TSB conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Hightown?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hightown.
I need some quick conveyancing in Hightown as I have an ultimatum to sign on the dotted line inside one month. Thankfully I do not require a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
As you are are a mortgage free buyer you have the choice not to do searches although no conveyancer would advise that you don't. Drawing on our experience of conveyancing in Hightown the following are examples of what can appear and adversely impact the marketability of the property: Enforcement Notices, Outstanding Fees, Outstanding Grants, Railway Schemes,...
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Hightown is where the house is located. Can you offer any advice?
Flying freeholds in Hightown are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hightown you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hightown may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am looking at a couple of maisonettes in Hightown which have approximately forty five years remaining on the leases. Will this present a problem?
There are plenty of short leases in Hightown. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
I invested in buying a 1 bedroom flat in Hightown, conveyancing was carried out October 1995. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Hightown with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2091
With just 66 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
Our solicitor in Hightown has uncovered a a problem with the lease for the flat we are purchasing in Hightown. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.