All was ready to move into my new home in Glan Conwy next Tuesday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order 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 requirements. These obligations are not specific to conveyancing in Glan Conwy.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would prefer to appoint a specialised conveyancing solicitor in Glan Conwy?
You should check but the the probability is that give you one of their panel conveyancers if you take up the "fee-free" offer. Call the lender and explore if they offer you a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Glan Conwy.
I have been advised by my solicitor that defective lease insurance is necessary on my purchase. What is the level of cover for Glan Conwy conveyancing?
The right level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Halifax and Barnsley Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
It is unclear whether my lender requires a lease extension. I have called my Glan Conwy building society branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Glan Conwy conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend in accordance with their published requirements. Who do I believe?
Your property lawyer must follow the Council of Mortgage Lenders’ Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am due to exchange contracts on my flat. I had a double glazing fitted in December 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, HSBC are being difficult. The Glan Conwy solicitor who is on the HSBC conveyancing panel is happy to accept ‘lack of building regulation’ insurance but HSBC are requiring a building regulation certificate. Why do HSBC have a conveyancing panel if they don't accept advice from them?
It is probably the case that HSBC have referred the matter to their valuer. The reason why HSBC may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
What can a local search inform me regarding the property my wife and I buying in Glan Conwy?
Glan Conwy conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations such as PSG The local search is essential in every Glan Conwy conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search should provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I need to instruct a conveyancing solicitor in Glan Conwy for my purchase. Is it possible to see a firm’s record with the legal regulator?
You can review documented Solicitor Regulator Association (SRA) decisions stemming from investigations started on or after Jan 2008. Go to Check a solicitor's record. For information Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The SRA could recorded call for training reasons.
My husband and I may need to let out our Glan Conwy ground floor flat temporarily due to a new job. We used a Glan Conwy conveyancing practice in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Your lease dictates the relationship between the landlord and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Glan Conwy do not prevent subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I am the registered owner of a split level flat in Glan Conwy, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Glan Conwy with an extended lease are worth £185,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2082
You have 61 years unexpired the likely cost is going to range between £19,000 and £22,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.