All was ready to complete my purchase in Tenterden next Monday. My conveyancer now wants me to supply her with evidence 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 risks does the mortgage company expect the insurance to cover?
Any lawyer 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 instructions. These requirements are not specific to conveyancing in Tenterden.
Do I need to attend the offices of the solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Tenterden so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for banks undertake the vast majority of communications through Royal Mail, internet or over the phone. This means that they can undertake the legal work for your home move regardless of where you live in the country. That being said you can see if you have the option of visiting the offices of your conveyancing lawyer if needed.
If you had a top tip for choosing a conveyancing solicitor in Tenterden what would it be?
We would encourage you not to base your choice on the cheapest Tenterden conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
When it comes to lenders such as Leeds Building Society, do Tenterden conveyancers face a fee to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I am expecting a DIP from Nationwide this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Tenterden solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Tenterden solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
3 months have elapsed since my purchase conveyancing in Tenterden completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 property 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.
I own a leasehold flat in Tenterden. Conveyancing and Chelsea Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Tenterden who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Tenterden conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a ground floor flat in Tenterden, conveyancing was carried out in 2003. How much will my lease extension cost? Equivalent properties in Tenterden with an extended lease are worth £211,000. The ground rent is £50 yearly. The lease expires on 21st October 2092
With 68 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
We own a leasehold flat in Tenterden. Conveyancing was finished in 2011. I have been told that I mustn’t allow the the remaining lease term to fall too short. Is this correct?
Tenterden leasehold properties are for a prescribed period - normally 99 years when they started. However a significant appartments in Tenterden were built or converted in the 60’s and so such leases now have under eighty years unexpired. This may sound like a long time but Banks, Building Societies and other mortgage companies on the whole need leases to have a minimum of 75 years remaining to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing seventy five years. To maximise the marketability of your property you should be considering whether or not to extend your lease well in advance of selling the property. You should note that there are advantages to doing so before the lease hits 80 years as when the lease falls below eighty years the premium to be paid to extend starts to get a lot more expensive.