I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Hilsea. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 14/5/2024, the requirements read as follows :
We are buying a detached bungalow in Hilsea. Our aim is to an extension at the rear at the house.Will the conveyancing process involve investigations to see if these works are permitted?
Your property lawyer will check the deeds as conveyancing in Hilsea can sometimes identify restrictions in the title deeds which prevent categories of changes or require the permission of a 3rd party. Some additions need local authority planning consent and approval under the building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be wise to check these things with a surveyor ahead of any purchase.
Can you help - my lawyer advises that absentee landlord insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Hilsea?
The right level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and Virgin Money. Conveyancing lawyers as opposed to borrowers take out such policies.
I am selling my house. I had a double glazing fitted in June 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Nationwide are being a right pain. The Hilsea solicitor who is on the Nationwide conveyancing panel is recommending indemnity insurance as a solution but Nationwide are requiring a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
four months have gone by since my purchase conveyancing in Hilsea concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
My uncle has suggested that I appoint his conveyancing solicitors in Hilsea. Should I find my own conveyancer?
No doubt it’s preferable to select a conveyancing solicitor is to have guidance from friends or relatives who have actually experience in using the firm you're contemplating using.
I work for a busy estate agency in Hilsea where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Hilsea conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
I bought a garden flat in Hilsea, conveyancing was carried out in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Hilsea with over 90 years remaining are worth £260,000. The ground rent is £45 per annum. The lease finishes on 21st October 2099
With only 75 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
Myself and my husband have recently had an offer agreed on a apartment and had an appointment on Wednesday with HSBC for the mortgage. They have informed us that when it comes to choosing a conveyancing practitioner that if they are not on their approved panel of solicitors then we will incur a further fee of £200. This is because they would then have to instruct a solicitor to act on their behalf as well as the one we choose to act for ourselves and we are liable for their invoice. I have requested HSBC to furnish me with a list so I can seek estimates only from their approved solicitors but was told they dont have such a list to hand over. What would be the best way of going about this?
You can enquire of HSBC what their criteria for joining their panel is for a conveyancer.Then ask the property lawyer of your choice whether they meet the criteria and have they acted on loans for HSBC before. Where the answer to those is yes, then just double check with HSBC. Alternatively please make use of our search tool and we may be able to find you a lawyer in Hilsea on the panel for HSBC.