We wanted to use a property lawyer in Nuneaton for our house purchase. Our financial adviser informed us that our mortgage lenders Godiva Mortgages Ltd won't deal with them. Surely this is unfair competition?
Mortgage Companies on the whole imposes restrictions either the type or the amount of conveyancing firms on their approved list of lawyers. A common example of such criteria being that a firm must not be a sole practitioner. In addition to restricting the type of firm, a few lenders have reduced the amount of firms they permit to act for them. You should note that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels a few years ago even though there are mixed opinions concerning the level of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Nuneaton only carry out one or two conveyances a year.
There are a variety of conveyancing solicitors in Nuneaton but how do I know who's good?
Do not opt for the lowest Nuneaton conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Please help - my lawyer says that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Nuneaton?
The appropriate level of breach of easement indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Nuneaton solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Nuneaton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Will our lawyer be making enquiries regarding flooding as part of the conveyancing in Nuneaton.
The risk of flooding is if increasing concern for solicitors dealing with homes in Nuneaton. There are those who acquire a property in Nuneaton, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a numerous searches that can be initiated by the purchaser or by their conveyancers which should give them a better appreciation of the risks in Nuneaton. The conventional set of property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to discover if the property has historically flooded. In the event that flooding has previously occurred which is not notified by the owner, then a buyer could issue a legal claim for losses as a result of such an inaccurate answer. The purchaser’s conveyancers may also order an environmental search. This should indicate if there is a recorded flood risk. If so, more detailed inquiries should be conducted.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Nuneaton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Nuneaton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Nuneaton you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Nuneaton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Nuneaton. I've land on a web site which seems to have the perfect solution If it is possible to get all the legals done via email that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a couple of maisonettes in Nuneaton both have approximately fifty years remaining on the lease term. Do I need to be concerned?
There are plenty of short leases in Nuneaton. The lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease deteriorates and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena.
I invested in buying a leasehold flat in Nuneaton, conveyancing having been completed 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? Comparable properties in Nuneaton with over 90 years remaining are worth £185,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2086
With only 61 years left to run we estimate the premium for your lease extension to be between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.