All was ready to move into my new home in Downend next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. 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 requirements. These obligations are not specific to conveyancing in Downend.
Should conveyancers request money up-front for conveyancing in Downend?
If you are buying a property in Downend your lawyer will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the total price then this will be asked for shortly in advance of exchange of contracts. The final balance that is due should be sent to your lawyer shortly before completion.
I'm spending time viewing apartments in Downend and I am now considering a potential offer. Is it best to have my conveyancing practitioner on ‘stand by’? I intend to finance via a home loan with Barclays.
It would be prudent to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are seeking a mortgage with Barclays, make sure you remember to check that your lawyer is on the Barclays conveyancing panel.
Intending to buy a flat in Downend. 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 Coventry BS 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 Downend property lawyer is on the Coventry BS conveyancing panel.
Aldermore have agreed my mortgage in principle, my bid on a flat in Downend has been agreed to, what are the next steps?
Your estate agent will need to know who your solicitors are (make sure the property lawyers are on the bank’s panel). Call up Aldermore or the broker and finalise any appropriate paperwork. Aldermore will sellect a valuer who will get in contact with the selling agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes about a week to get a mortgage offer. Aldermore will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Downend.
I require fast conveyancing in Downend as I have an ultimatum to exchange contracts within one month. Fortunately I do not require a mortgage. Can I decline from having conveyancing searches to save money and time?
If.Given you are not obtaining a home loan you have the choice not to have searches conducted although no lawyer would recommend that you don't. Drawing on years of experience of conveyancing in Downend the following are examples of issues that can show up and adversely affect the marketability of the property: Enforcement Notices, Overdue Fees, Overdue Grants, Road Schemes,...
We're first time buyers - had an offer accepted, yet the selling agent has warned us that the owners will only go ahead if we instruct their chosen conveyancers as they need an ‘expedited deal’. We would rather use a family conveyancer used to conveyancing in Downend
It is improbable the sellers are driving this. If they want ‘a quick sale', taking such a hostile approach to a motivated buyer is not the way to achieve this. Speak to the owners direct and explain that (a)you are genuine purchasers (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you intend to use your preferred Downend conveyancing firm - not the ones that will provide their negotiator at the agency a commission or hit his conveyancing thresholds demanded by senior management.
Do you have any advice for leasehold conveyancing in Downend with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Downend can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers. A minority of Downend leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unresolved. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Downend leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord approving such works. If you dont have the approvals to hand do not communicate with the landlord without checking with your lawyer first. You believe that you know the number of years left on your lease but it would be wise to double-check via your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
I inherited a 1 bedroom flat in Downend, conveyancing having been completed September 2005. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Downend with over 90 years remaining are worth £186,000. The ground rent is £55 per annum. The lease ends on 21st October 2077
With only 52 years unexpired we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range 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 comprehensive investigations. 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 clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.