All was ready to complete my purchase in Hungerford next Tuesday. My conveyancing practitioner now wants me to supply her with evidence 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?
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 UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Hungerford.
When it comes to lenders such as Skipton, do Hungerford solicitors face a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Is there a list of Santander panel solicitors in Hungerford on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few banks make their panel listings visible online. If you are seeking to appoint a Hungerford solicitor on the Santander please use our tool.
I am selling my flat. I had a double glazing fitted in April 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Santander are being problematic. The Hungerford solicitor who is on the Santander conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My partner and I are planning on selling our home in Hungerford and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any local lawyer would know this is not the case. It does beg the question why the purchasers used a web based conveyancing firm rather than a conveyancing solicitor in Hungerford. We have lived in Hungerford for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? 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 life insurance to cover that same ailment)
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one round the corner in Hungerford I like with amenity areas and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Hungerford in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I am looking for a conveyancing solicitor in Hungerford for my house move. Can I see a solicitor's record with the legal regulator?
You can find published Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, call +44 (0)121 329 6800. The SRA may recorded call for training requirements.
I am a negotiator for a busy estate agency in Hungerford where we have witnessed a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Hungerford conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
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. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 own a ground floor flat in Hungerford, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Hungerford with over 90 years remaining are worth £170,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2103
You have 78 years remaining on your lease the likely cost is going to range between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.