Due to move into my new home in Immingham next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the mortgage company expect the insurance 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 requirements are not limited to conveyancing in Immingham.
It is a dozen years since I purchased my home in Immingham. Conveyancing solicitors have just been retained on the sale but I am unable to track down my title documents. Is this a problem?
Don’t worry too much. First the deeds may be with the mortgage company or they may still be with the lawyers who handled the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. The vast majority of conveyancing in Immingham relates to registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
I am buying a new build flat in Immingham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Immingham
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Please confirm the Lease plans are architect prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I was recommended by a couple of local selling agents in Immingham to choose a conveyancer using your seach tool. What’s the financial advantage for Estate Agents to promote your services ahead of alternative conveyancing organisations?
We refuse to offer any referral fee for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am a negotiator for a long established estate agent office in Immingham where we have witnessed a few leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Immingham conveyancing firms. Can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that 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 wait 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 disposal of the property.
Alternatively, it may be possible 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 buyer.
I acquired a studio flat in Immingham, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Immingham with a long lease are worth £185,000. The ground rent is £65 invoiced every year. The lease ceases on 21st October 2086
With just 61 years remaining on your lease we estimate the premium for your lease extension to range between £18,100 and £20,800 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 the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. 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 based on this information before seeking the advice of a professional.
I am looking to purchase a repossessed flat in Immingham and the vendor would like to complete inside 28 days. Can a property lawyer meet that timeframe? Am I best advised to select a local Immingham firm or an online organisation that professes to complete quickly?
Attend your Immingham high street. Pop in to two or three solicitor’s offices and ask to see a conveyancing solicitor for an estimate. Explain your needs and seek a commitment on speed. Choose the one that comes across as most trustworthy. Be sure to use a conveyancer on the panel of solicitors who can act for your lender.