Me and my wife are buying an apartment in Allestree. My lawyer has never been on on the mortgage company conveyancing list. Can I still continue with my Allestree conveyancing solicitor notwithstanding that they are excluded from the bank list of approved lawyers?
One must instruct a conveyancer to deal with the formalities if you need a loan to buy your property. The solicitor will carry out all the appropriate investigations on the property, ensuring that you’re properly registered as the owner and ensure that all the required mortgage documentation is dealt with. One can instruct a Allestree solicitor of your choice. Nevertheless, where the lawyer appointed is not on the mortgage company approved list additional costs will arise as separate legal representation will be need by the bank. Conveyancing panel applications may be submitted, so provided your solicitor has not in the past sought membership they should take the chance to apply.
All was ready to move into my new home in Allestree next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
Any lawyer on acting for banks 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 conditions. These requirements are not unique to conveyancing in Allestree.
What happens if my lawyer’s firm is removed from the Nationwide Conveyancing panel ahead of completing my conveyancing in Allestree?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is it necessary to pay for insurance to address the risk of chancel repairs when purchasing a residence in Allestree?
Unless a previous purchase of the property completed after 12 October 2013 you could assume that conveyancing practitioners handling conveyancing in Allestree to continue to recommend a chancel search and or chancel repair liability policy.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Allestree is the location of the property. What do you suggest?
Flying freeholds in Allestree are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Allestree you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Allestree may decide 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 property.
What are your top tips when it comes to appointing a Allestree conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Allestree conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Allestree conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
If they are not ALEP accredited then what is the reason?
I purchased a leasehold flat in Allestree, conveyancing was carried out in 2009. Can you work out an approximate cost of a lease extension? Corresponding flats in Allestree with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2101
With just 78 years unexpired we estimate the price of your lease extension to span between £7,600 and £8,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.