Due to move into my new home in Romsley next Friday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property 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 Part 2 conditions. These obligations are not specific to conveyancing in Romsley.
Can you explain why leasehold purchase conveyancing in Romsley costs more?
In short, leasehold conveyancing in Romsley and elsewhere usually necessitates extra hours of investigation compared to freehold transactions. This includes lease investigation, corresponding with the landlord concerning the service of required notices, procuring current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
Having invested time looking at mumsnet.com for a conveyancing lawyer in Romsley, many post that I must use a CQS accredited lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home moving process, trusted by some of the UK's biggest banks. Four years ago the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. CQS is not a scheme offered by the Society for Licensed Conveyancers. Romsley is one of the numerous areas of the UK where there are Accredited lawyers.
We are purchasing a house in Romsley. It might be a silly question but how we can trust a lawyer? On the day of competition we will need to put funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously selected solicitors with offices in Romsley on the Santander solicitor approved list. They have just billed me an additional charge for dealing with the Santander mortgage. Is this an additional conveyancing fee specified by Santander?
Provided it is contained in their Terms of Engagement or Quote then yes your solicitor is entitled to levy a fee for this. This fee is not set by Santander but by your Romsley conveyancing practitioner. Plenty of firms on the Santander panel will quote ’dealing with mortgage’ fee but some practices include it on their overall fee.
I am expecting a DIP from Santander this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Romsley solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Romsley solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
My wife and I have a semi-detached Georgian house in Romsley. Conveyancing lawyer acted for me and Platform Home Loans Ltd. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the exact same property. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Romsley and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing solicitor who completed the work.
Back In 2002, I bought a leasehold house in Romsley. Conveyancing and Alliance & Leicester mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Romsley who acted for me is not around. What should I do?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Romsley conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a split level flat in Romsley, conveyancing formalities finalised 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? Corresponding flats in Romsley with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2091
With 66 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.