Having sold my house in Red Lodge last June yet the purchaser is SMS messaging daily to say his lawyer needs to hear from mysolicitor. What are the post completion sale legalities now that I have sold?
Following your sale your lawyer should send the transfer documentation and all additional paperwork to the buyer’s solicitors. Depending on the transaction, your conveyancer should also evidence that the home loan has been paid off to the buyers conveyancers. There are no post completion requirements just for conveyancing in Red Lodge.
My conveyancer has informed me that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Red Lodge?
The appropriate level of flying freehold indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Skipton Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
Is it the case that all Red Lodge solicitors on the Kent Reliance conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be regulated by the SRA. Many mortgage companies do allow licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
I have a mortgage with Nationwide for my property in Red Lodge. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
You must advise Nationwide before renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel firm.
Will my lawyer be raising enquiries regarding flooding during the conveyancing in Red Lodge.
Flooding is a growing risk for lawyers carrying out conveyancing in Red Lodge. There are those who buy a house in Red Lodge, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a various checks that may be initiated by the buyer or by their conveyancers which will give them a better understanding of the risks in Red Lodge. The standard information supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to discover whether the premises has suffered from flooding. In the event that the residence has been flooded in past and is not disclosed by the owner, then a purchaser could issue a claim for damages resulting from an inaccurate reply. A purchaser’s conveyancers will also commission an environmental report. This will disclose if there is any known flood risk. If so, more detailed investigations should be made.
Given that I will soon part with £400,000 on a terraced house in Red Lodge I would like to have a conversation with the conveyancer concerning thetransaction before instructing the firm. Is this something that you can arrange?
This is something that we encourage - we would be delighted to talk to you we do not take any clients on without you liaising with the solicitor who will be doing your property ownership legalities in Red Lodge.There is no ‘factory style conveyancing’ - each client is an important person, not a file reference. The practices that we put you in touch with believe that the figure you are provided with for your conveyancing in Red Lodge should be the amount on the final invoice that you are charged.
My husband and I are FTB’s - had an offer accepted, but the estate agent has warned us that the seller will only go ahead if we appoint their recommended lawyers as they need an ‘expedited deal’. We would rather use a local conveyancer with experience of conveyancing in Red Lodge
It is improbable the sellers are behind this. Should the owner require ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Bypass the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to appoint your preferred Red Lodge conveyancing firm - rather thanthe ones that will earn the negotiator at the agency a kickback or hit his conveyancing targets set by HQ.
I own a leasehold flat in Red Lodge. Conveyancing was finalised in 2009. I have been told that I mustn’t let the the remaining lease term to get too low. What is the reasoning?
Red Lodge leasehold properties are for a prescribed period - often just under one hundred years when they commenced. However many flats in Red Lodge were constructed or converted 25 or more years ago and so such leases now have less than eighty years unexpired. That may sound like a long time but Banks, Building Societies and other mortgage lenders tend to need leases to have at least 75 years remaining to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are approaching 75 years. To maximise your property value you should be considering whether to extend your lease long before you come to sell it. Furthermore advantages to doing so before the lease reaches even 80 years as when the lease falls below 80 years the amount to be paid to extend starts to escalate.