I am hoping to move into my new home in Rowlands Gill 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 mortgage company expect the insurance to cover?
All property lawyers on acting for mortgage companies 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 specific to conveyancing in Rowlands Gill.
Do lenders provide you with an approved list of Rowlands Gill conveyancing solicitors? How do you know who is on the Santander conveyancing panel?
Rowlands Gill conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
Our bank has suggested solicitors on their panel based in Rowlands Gill but I would rather use a conveyancing lawyer in Rowlands Gill local to me. Can you help?
Not all Rowlands Gill conveyancing firms are on all lender’s conveyancing panel. Please make use of our search tool to identify a Rowlands Gill conveyancing solicitor on the on the lender panel.
What does a local search reveal concerning the house my wife and I purchasing in Rowlands Gill?
Rowlands Gill conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations for example Searches UK The local search is essential in every Rowlands Gill conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search should reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
What advice can you give us when it comes to finding a Rowlands Gill conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Rowlands Gill conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Rowlands Gill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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How many lease extensions has the firm conducted in Rowlands Gill in the last twenty four months? If the firm is not ALEP accredited then what is the reason?
I invested in buying a leasehold flat in Rowlands Gill, conveyancing having been completed in 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Rowlands Gill with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2090
With only 65 years unexpired the likely cost is going to span between £13,300 and £15,400 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
Our solicitor in Rowlands Gill has uncovered a a problem with the lease for the flat we are purchasing in Rowlands Gill. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.