Due to complete my purchase in Flitwick next Friday. My solicitor 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 bank. 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 instructions. These obligations are not specific to conveyancing in Flitwick.
My wife and I are close to exchanging contracts on the sale of our property in Flitwick and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. Any high street Flitwick lawyer would know that there is no such problem. It does beg the question why the purchasers instructed a factory type conveyancing firm as opposed to a conveyancing solicitor in Flitwick. Having lived in Flitwick for many years we know that this is a non issue. Should we get in touch with our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I'm buying my first flat in Flitwick with a loan from HSBC Bank. The builders would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not to tell my lawyer about this deal as it could jeopardize my loan with HSBC Bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How difficult is it to transfer to a new solicitor as I have to retain one who is on the Yorkshire Building Society conveyancing list. I had appointed a family conveyancing solicitor in Flitwick five minutes from me but he is not accepted by Yorkshire Building Society
It would be our pleasure to assist you find a conveyancing solicitor in Flitwick on the Yorkshire Building Society panel. Please note that the solicitors that we list do not pay us fee if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Flitwick. In utilising search facility on this page, you can compare fees for conveyancing solicitors in Flitwick and throughout England and Wales.
My husband and I are a couple of weeks into a leasehold purchase having been referred to conveyancers by the high street agent to execute conveyancing in Flitwick. I am am starting to be frustrated with the quality of service. Could you help me find new lawyers?
A conveyancer would need to be very poor to suggest diss instructing them. Has the loan offer been generated? In the event that it has you need to inform them of the new conveyancer and ensure the loan are issued to the new lawyers. Your solicitor ideally needs to be on the lenders approved list to avoid escalating costs and complications. That should be your first question of the new solicitors. Our find a solicitor tool should assist you in finding a bank approved conveyancer for your home move in Flitwick
I work for a long established estate agent office in Flitwick where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Flitwick conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a leasehold flat in Flitwick, conveyancing having been completed in 1997. How much will my lease extension cost? Similar flats in Flitwick with an extended lease are worth £192,000. The ground rent is £55 yearly. The lease ceases on 21st October 2079
With only 54 years unexpired the likely cost is going to range between £32,300 and £37,400 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.