Due to complete my purchase in Montacute next Thursday. My property lawyer 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 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 conditions. These requirements are not unique to conveyancing in Montacute.
Can you clarify what the consequences are if my solicitor is suspended from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Montacute?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I acquired my home on 16 April and my personal details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Montacute expressed confidence that it will be recorded in less than a month. Are properties in Montacute uniquely lengthy to register?
As far as conveyancing in Montacute registration is no quicker or slower than anywhere else in the country. Rather than based on location, timescales can adjust according to who lodges the application, whether it is in order and if the Land registry communicate with any third persons or bodies. Currently roughly three quarters of such applications are fully dealt with in less than three weeks but occasionally there can be extensive hold-ups. Registration takes place once the purchaser is living at the premises so an expedited registration is not always top priority yet where there is a degree of urgency associated with the registration then you or your solicitor could speak with the land registry and explain the circumstances.
Due to the guidance of my in-laws I had a survey completed on a property in Montacute before appointing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some lenders tend not grant a loan on this type of property.
It varies from the lender to lender. Santander has different requirements from Nationwide. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Montacute. Conveyancing may be slightly more expensive based on your lender's requirements.
As co-executor for the estate of my aunt I am selling a house in Monmouth but live in Montacute. My solicitor (based 200 kilometers from meneeds me to execute a stat dec prior to completion. Can you recommend a conveyancing solicitor in Montacute who can witness and place their company stamp on the document?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are based in Montacute
My wife and I purchased a leasehold house in Montacute. Conveyancing and Britannia mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Montacute who previously acted has now retired. What should I do?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Montacute conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a studio flat in Montacute, conveyancing was carried out 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? Corresponding flats in Montacute with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2081
With just 55 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.