Is the fact that my solicitor in Driffield is not on my lender's solicitor panel that there is a problem with the standard of his conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Driffield conveyancing practice and ask them why they are no longer on the approved list for your bank.
Due to complete my purchase in Driffield next Tuesday. 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 mortgage company. 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 UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Driffield.
I own a freehold property in Driffield but still pay rent, why is this and what is this?
It is rare for properties in Driffield and has limited impact for conveyancing in Driffield but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Should my solicitor be raising enquiries regarding flooding during the conveyancing in Driffield.
Flooding is a growing risk for solicitors dealing with homes in Driffield. Plenty of people will purchase a property in Driffield, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a various searches that can be carried out by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Driffield. The standard property information forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to determine whether the premises has ever been flooded. In the event that flooding has previously occurred and is not disclosed by the seller, then a buyer could commence a claim for damages stemming from an inaccurate answer. A buyer’s conveyancers may also commission an environmental report. This should reveal whether there is a recorded flood risk. If so, further investigations will need to be carried out.
How straightforward is it to use the search facility to find a conveyancing practitioner in Driffield on the authorised to act for my lender?
1st pick a lender such as Accord Mortgages Ltd, Norwich and Peterborough Building Society or Barclays Direct then type in your preferred area such as Driffield. Conveyancing organisations in Driffield and further afield should be shown.
I want to rent out my leasehold apartment in Driffield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease governs relations between the freeholder and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Driffield do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I own a garden flat in Driffield, conveyancing formalities finalised 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Driffield with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2083
With just 59 years unexpired the likely cost is going to be between £20,900 and £24,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.