I am hoping to move into my new home in Old Colwyn next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for banks 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 Old Colwyn.
Should lawyers request money on account for conveyancing in Old Colwyn?
Where you are retaining lawyers for conveyancing in Old Colwyn your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. Generally this is called for to cover the fees of the conveyancing searches. When the down payment is payable against the total price then this should be needed immediately prior to contracts are exchanged. The closing balance that is needed should be transferred shortly before completion.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Old Colwyn is where the house is located. Can you offer any assistance?
Flying freeholds in Old Colwyn are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Old Colwyn you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Colwyn 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.
How can the Landlord & Tenant Act 1954 affect my business offices in Old Colwyn and how can your lawyers assist?
The 1954 Act provides a safeguard to commercial tenants, giving them the a statutory right to apply to court for a continuation of occupancy at the end of an expired lease. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Old Colwyn
My husband and I are one month into a leasehold purchase having been directed to a firm by the high street agent to perform conveyancing in Old Colwyn. We are not happy. Can you help me find new conveyancers?
They would have to be very poor to suggest replacing them. Has your loan offer been issued? In the event that it has you must make them aware of the replacement conveyancer and ensure the offer are re-sent. Your solicitor ideally should be on the lenders panel to avoid supplemental costs and frustration. That should be your starting point. The find a solicitor tool will help you find a bank approved solicitor for your conveyancing in Old Colwyn
Having had my offer accepted I require leasehold conveyancing in Old Colwyn. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Old Colwyn - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a 2 bed flat in Old Colwyn, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar properties in Old Colwyn with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2087
With only 62 years left to run the likely cost is going to span between £17,100 and £19,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.