Due to complete my purchase in Dunmow next Friday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the lender 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 Part 2 requirements. These obligations are not specific to conveyancing in Dunmow.
My bid for a property was accepted at auction in Dunmow. Conveyancing is necessary. What are my next steps?
Having exchanged you now have to instruct a conveyancing solicitor as a matter of priority as you will have a tight deadline in which to complete the transaction. Every auction property will ordinarily have a bespoke auction pack. This will include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You must give this to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in place to complete the transaction on the set completion date.
Is it the case that all Dunmow CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing list of approved practices?
It is true that some banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I am expecting a DIP from RBS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Dunmow solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Dunmow solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I used Action Conveyancing a few years ago for my conveyancing in Dunmow. Now, I need the files but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Dunmow of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Dunmow. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Dunmow
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared.
Due to the guidance of my in-laws I had a survey completed on a house in Dunmow before appointing solicitors. I have been advised that there is a flying freehold element to the property. My surveyor has said that some lenders tend not give a loan on such a house.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Dunmow. Conveyancing may be slightly more expensive based on your lender's requirements.
Estate agents have just been given the go-ahead to market my ground floor apartment in Dunmow. Conveyancing is yet to be initiated, however I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you clear the maintenance contribution as you normally would given that all rents and maintenance charges should be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a 1 bedroom flat in Dunmow, conveyancing was carried out in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Dunmow with an extended lease are worth £170,000. The ground rent is £50 levied per year. The lease ends on 21st October 2101
With 79 years unexpired we estimate the price of your lease extension to be 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 a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.