I am hoping to complete my purchase in Ouston next Friday. My conveyancing practitioner 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 bank. What risks does the lender 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 conditions. These requirements are not limited to conveyancing in Ouston.
How does conveyancing in Ouston differ for newly converted properties?
Most buyers of new build property in Ouston contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Ouston usually buy the site, 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 property lawyers 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 used to new build conveyancing in Ouston or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Ouston before retaining solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies tend not issue a loan on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ouston. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ouston to see if the conveyancing costs will increase in light of this.
My partner has suggested that I use his lawyers for conveyancing in Ouston. Should I find my own conveyancer?
No doubt the best way to choose a conveyancing practitioner is to get feedback from friends or family who have actually used the firm you're are thinking of instructing.
I work for a reputable estate agency in Ouston where we see a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Ouston conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a studio flat in Ouston, conveyancing was carried out in 2010. How much will my lease extension cost? Similar properties in Ouston with over 90 years remaining are worth £202,000. The ground rent is £60 yearly. The lease expires on 21st October 2081
With only 57 years remaining on your lease we estimate the price of your lease extension to be between £28,500 and £33,000 as well as legals.
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. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
I am searching for a value for money conveyancing lawyer in Ouston to assist me in selling my flat. I I am concerned about being overcharged and there's many Ouston conveyancing organisations to pick from...how do I know which one is best to appoint?
To fee estimates for your move from the conveyancing firms that provide services in Ouston please use our quote tool.