I am one month into the sale of my house in South Cave and the estate agent has just called to advise that the buyers are switching conveyancer. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. Why would a leading lender only work with certain lawyers rather the firm that they want to select to handle their conveyancing in South Cave ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
I am hoping to move into my new home in South Cave next Monday. 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 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 Part 2 conditions. These requirements are not unique to conveyancing in South Cave.
As someone unfamiliar with conveyancing in South Cave what is your top tip you can impart for the house moving process in South Cave
Not many law firms or advisers will tell you this but conveyancing in South Cave and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there is plenty of opportunity for conflict between you and other parties involved in the transaction. E.g., the seller, property agent and even potentially the mortgage company. Appointing a lawyer for your conveyancing in South Cave is a critical decision as your conveyancer is your adviser, and is the SOLE party in the legal process whose interest is to protect your best interests and to protect you.
There is a distinct ongoing adversarial element to conveyancing- someone must be blamed for the process being so protracted. You should always trust your lawyer ahead of all other parties when it comes to the legal assignment of property.
The deeds to our home can not be found. The lawyers who handled the conveyancing in South Cave 4 years ago are no longer around. What do I do?
Nowadays there are duplicates made of almost everything, and your conveyancer should know precisely where to locate all the appropriate documentation so you may purchase or sell your property without a hitch. If duplicates can’t be located, your solicitor may be able to arrange cover in the form of insurance or indemnities protecting you against future claims on your property.
The estate agent has sent us the confirmation of our purchase of a new build flat in South Cave. 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 few leasehold new build questions that you may expect your new-build leasehold conveyancing in South Cave
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are surveyor prepared. Please supply a car parking plan. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Having checked my lease I have discovered that there are only 62 years remaining on my flat in South Cave. I need to extend my lease but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the lessor. For most situations a specialist may be helpful to carry out a search and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering South Cave.
I purchased a split level flat in South Cave, conveyancing formalities finalised 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in South Cave with an extended lease are worth £180,000. The ground rent is £65 levied per year. The lease runs out on 21st October 2082
With only 58 years remaining on your lease we estimate the price of your lease extension to span between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above 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 a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.