All was ready to complete my purchase in Shenley Brook End next Friday. My solicitor now wants me to supply her with proof 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 lender. What does the insurance need to cover?
All property lawyers 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 instructions. These requirements are not specific to conveyancing in Shenley Brook End.
I have been recommended a conveyancing solicitor in Shenley Brook End. I need to find out whether they are accepted on the Skipton Building Society approved list of lawyers. Can you or the lender confirm if they are on the panel?
You should e-mail your conveyancer and ask them if they can act for the bank. Otherwise you can call Skipton Building Society who may be able to assist.
I need some quick conveyancing in Shenley Brook End as I am faced with pressure to sign on the dotted line within one month. A home loan is not required. Is it possible to decline from having conveyancing searches to save fees and time?
As you are not taking a mortgage you are at free not to have searches carried out although no law firm would advise that you don't. With plenty of history conveyancing in Shenley Brook End the following are examples of issues that can appear and therefore impact future saleability: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
I am buying a new build apartment in Shenley Brook End. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Shenley Brook End
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am employed by a reputable estate agent office in Shenley Brook End where we have experienced a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local Shenley Brook End conveyancing solicitors. Can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Shenley Brook End Leasehold Conveyancing - A selection of Queries before buying
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Where a Shenley Brook End lease has less than 80 years it will affect the salability of the property. Check with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have owned the premises for two years before you are entitled to extend the lease. It is important to be aware if changing the roof or some other significant cost is coming up that will be shared amongst the leaseholders and will dramatically impact the level of the maintenance fees or require a specific payment. Is anyone aware of any major works in the planning that will add a premium to the service costs?
My step-son is just in the process of moving home, the home loan was agreed last week in principle. One the offer was accepted on house we telephoned the mortgage company to issue the formal offer. I was shocked to hear that mortgage companies do not accept all conveyancing practitioner, they need to be on their approved list, is this correct?
Lenders tend to imposes restrictions either the type or the number of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Shenley Brook End property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.