Due to complete my purchase in Penley next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the lender expect the insurance to cover?
Any lawyer on acting for lenders 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 instructions. These obligations are not limited to conveyancing in Penley.
We're in Penley, FTBs purchasing with a mortgage (lender is Co-operative , and our solicitor is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are planning to move home in May. Does my conveyancing solicitor call the removal company on the completion day. As an aside, can you suggest a removal company in Penley. Conveyancing firm was found before I stumbled across this page.
On the afternoon of completion you will need to collect the keys from your estate agent however this should only happen once the previous owners lawyers inform the agent that they have the completion monies and the keys can be handed over. Subsequently you can advise the removal men that you are ready to move in. As a matter of policy we do not recommend a specific removal company but can help you find a conveyancing in Penley or a firm that specialises in conveyancing in Penley.
Is it the case that all Penley solicitor firms on the Yorkshire BS conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be regulated by the SRA. Some lenders do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
Co-operative have agreed my mortgage in principle, my offer on a flat in Penley has been agreed to, now what?
Your property agent will need to be advised as to your conveyancing practitioner's details (make sure the lawyers are on the lender’s panel). Contact Co-operative or the broker and finalise any outstanding paperwork. Co-operative will appoint a valuer who will get in touch with the selling agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes on average ten days to receive the mortgage offer. Co-operative will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Penley.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to take this when purchasing a property in Penley? or I am told that there is a law dating back centuries that could mean that house owners residing in a parish church boundary may be liable to pay for maintenance towards the chancel in proximity to the church. Is this relevant for conveyancing in Penley?
Unless a previous acquisition of the premises completed post 12 October 2013 you can assume that solicitors conducting conveyancing in Penley to remain encouraging a chancel search and or chancel repair liability insurance.
I have been on the look out for a flat up to £245,000 and identified one near me in Penley I like with open areas and station in the vicinity, however it only has 49 years on the lease. There is not much else in Penley for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage that many years will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I am employed by a reputable estate agency in Penley where we have experienced a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Penley conveyancing firms. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 acquired a 2 bed flat in Penley, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Penley with a long lease are worth £185,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2086
You have 61 years left to run the likely cost is going to be between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.