Due to complete my purchase in Long Eaton next Friday. My lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer 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 unique to conveyancing in Long Eaton.
I have been referred to a conveyancing solicitor in Long Eaton. I need to find out if they are accepted on the Skipton Building Society approved list of lawyers. Could you help?
The first thing you should do is call your solicitor and enquire whether they are on the lender panel. Alternatively you can call Skipton Building Society who may be able to assist.
I am the single recipient of my late grandmother’s will and I have everything in my name now, including the my former home in Long Eaton. Conveyancing formalities meant that the Land Registry date was in March. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the house in March. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Most mortgage companies would take a pragmatic view as this clause is primarily there to capture subsales or the wholesaling and assigning of properties.
We had chosen conveyancers with offices in Long Eaton on the Yorkshire BS solicitor approved list. They have just invoiced me a supplemental sum for dealing with the Yorkshire BS mortgage. Is this an additional conveyancing fee specified by Yorkshire BS?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancer is entitled to charge a fee for this. This charge is not set by Yorkshire BS but by your Long Eaton conveyancer. Some firms on the Yorkshire BS panel will levy ’dealing with mortgage’ fee but some firms incorporate it on their overall fee.
About to purchase house in Long Eaton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Long Eaton conveyancer is on the Clydesdale conveyancing panel.
What will a local search reveal regarding the property we're buying in Long Eaton?
Long Eaton conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company such as Searches UK The local search plays an important part in many a Long Eaton conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the property (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 thirteen topic sections.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Long Eaton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Long Eaton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Long Eaton you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Long Eaton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Completion is due on the disposal of our £325,000 apartment in Long Eaton next week. The managing agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Long Eaton?
Long Eaton conveyancing on leasehold flats more often than not necessitates the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They are entitled to levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to sell the property.
I bought a split level flat in Long Eaton, conveyancing formalities finalised September 2009. 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? Comparable flats in Long Eaton with an extended lease are worth £191,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2077
With just 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" 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 the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.