My wife and I are purchasing a 1 bedroom apartment in Kirkby Lonsdale with a mortgage. We like our Kirkby Lonsdale lawyer, however the lender advise he's not on their "panel". It appears that we have little option but to appoint one of the mortgage company panel conveyancing practices or continue with our Kirkby Lonsdale property lawyer and pay for one of their panel firms to act for them. We regard this is unjust; are we not able to demand that the lender use our Kirkby Lonsdale lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Kirkby Lonsdale conveyancing lawyer to apply to be on the conveyancing panel.
I am hoping to move into my new home in Kirkby Lonsdale next Monday. My solicitor 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 mortgage company. What does the insurance need to cover?
All property lawyers 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 requirements. These requirements are not limited to conveyancing in Kirkby Lonsdale.
It is 10 years ago since I bought my home in Kirkby Lonsdale. Conveyancing lawyers have now been instructed on the sale but I am unable to track down my title documents. Is this a major issue?
You need not be too concerned. Firstly the deeds may be retained by the lender or they could be archived with the solicitor who oversaw the purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. Most conveyancing in Kirkby Lonsdale involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is resolvable.
I have been told that property searches are the primary cause of obstruction in Kirkby Lonsdale conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Searches are not likely to be the root cause of slowing down conveyancing in Kirkby Lonsdale.
How does conveyancing in Kirkby Lonsdale differ for new build properties?
Most buyers of new build residence in Kirkby Lonsdale come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Kirkby Lonsdale tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Kirkby Lonsdale or who has acted in the same development.
Last November I purchased a leasehold house in Kirkby Lonsdale. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a basement flat in Kirkby Lonsdale, conveyancing having been completed August 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Kirkby Lonsdale with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2084
You have 59 years unexpired we estimate the price of your lease extension to span between £20,900 and £24,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.