I am hoping to move into my new home in East Coker next Friday. My conveyancing practitioner now wants me to supply her with proof 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 does the insurance need to cover?
Any lawyer on acting for lenders 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 specific to conveyancing in East Coker.
How do I find out if the solicitor handling my conveyancing in East Coker is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Coventry Building Society thus paying £175.00 in further conveyancing bill.
You should make use of the find a conveyancing panel solicitor tool on this page. Please choose the mortgage company and type ‘East Coker’ or your preferred area and you will see a number of lawyer based in East Coker or near you.
My wife and I are purchasing a flat in East Coker. I might seem paranoid but how we can trust a solicitor? At some point we have to send money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in East Coker?
There are many recorded licenced Conveyancers in East Coker and Solicitor partnerships in East Coker offering conveyancing It is important to make clear that the two are regulated professionals specialising in the legal work in transferring property. They may both also conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Can you help - my lawyer advises that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for East Coker conveyancing?
The right level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such policies.
Are there restrictive covenants that are commonly picked up during conveyancing in East Coker?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in East Coker. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey completed on a property in East Coker in advance of instructing lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies may not grant a loan on this type of property.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. If you call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in East Coker. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you offer any advice when it comes to choosing a East Coker conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a East Coker conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non East Coker conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
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If they are not ALEP accredited then what is the reason? How familiar is the practice with lease extension legislation?
I acquired a 1st floor flat in East Coker, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in East Coker with a long lease are worth £170,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2105
With only 79 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.