I am getting a mortgage offer from Lloyds. I would like to employ the services of a Licensed Conveyancer in Keyworth. Does the Lloyds Conveyancing panel include Licensed Conveyancers?
The Lloyds approved solicitor list is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
Due to move into my new home in Keyworth next Tuesday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer 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 UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Keyworth.
My apartment in Keyworth is up for sale and I have a purchaser. Does the conveyancing practitioner have to be required to be on the Co-operative conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Keyworth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Keyworth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
In what way can the Landlord & Tenant Act 1954 impact my business offices in Keyworth and how can you help?
The 1954 Act provides security of tenure to commercial tenants, giving them the right to apply to court for a new lease and remain in occupation when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Keyworth is one of the many areas of the UK in which the firms we work with have offices
I am looking at a couple of maisonettes in Keyworth which have about forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Keyworth 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 salability of the premises. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. 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 premises 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 Keyworth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
Keyworth Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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Please inform me if there are any major works on the horizon that will increase the maintenance charges? Make sure you find out if there is anything that is prohibited in the lease. For example it is reasonably common in Keyworth leases that pets are not allowed in in a block in Keyworth. If you love the apartmentin Keyworth but your cat is not allowed to make the move with you then you will be presented with a difficult decision. The prefered form of lease structure is if the freehold title is owned by the leaseholders. In this situation the leaseholders benefit from control and notwithstanding that a managing agent is frequently employed where it is bigger than a house conversion, the managing agent employed by the leaseholders.