All was ready to move into my new home in Kendal next Thursday. 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 mortgage company. What risks does the mortgage company expect the insurance 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 limited to conveyancing in Kendal.
If you had a top tip for selecting a conveyancing solicitor in Kendal what would it be?
Do not opt for the cheapest Kendal conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
I am helping my step-mother sell her house in Kendal. Does the solicitor arrange the EPC or it is for the owner to coordinate?
After the demise of HIPs, energy assessments was kept a mandatory component of selling a property. An energy performance certificate needs to be to hand before the property is placed on the market. This is not something that law firms ordinarily arrange. If you are using a Kendal conveyancing practitioner they may be willing to arrange energy assessments given their relationships with long established Kendal accredited person
When it comes to lenders such as Skipton, do Kendal conveyancers have to pay an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Kendal?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Kendal. 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…’
Due to the encouragement of my in-laws I had a survey completed on a property in Kendal ahead of appointing conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies may not issue a loan on such a house.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you contact us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kendal. Conveyancing will be smoother if you use a solicitor in Kendal especially if they regularly deal with such properties in Kendal.
I need to find a conveyancing solicitor for residential conveyancing in Kendal. I happened to discover a web site which appears to be the perfect solution If there is a chance to get all formalities completed via web that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a two flats in Kendal which have about 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Kendal is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kendal conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a 1st floor flat in Kendal, conveyancing was carried out September 2008. Can you work out an approximate cost of a lease extension? Comparable properties in Kendal with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2074
You have 53 years unexpired the likely cost is going to be between £27,600 and £31,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.