Do lawyers request money on account for my conveyancing in Lee On The Solent?
Where you are retaining lawyers for conveyancing in Lee On The Solent your lawyer will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the total price then this will be asked for immediately prior to contracts are exchanged. The closing balance that is needed should be sent to your lawyer a few days ahead of the day of completion.
Can you clarify what the consequences are if my solicitor is suspended from the Coventry BS Conveyancing panel ahead of completing my conveyancing in Lee On The Solent?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Please help - my lawyer says that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Lee On The Solent?
The right level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Coventry Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
We expect to receive a OIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Lee On The Solent solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Lee On The Solent solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I have finally had an offer on a maisonette in Lee On The Solent accepted, but there is a chain. The sellers have offered on on an apartment, however it’s not yet agreed to, and are looking at other properties booked. I have instructed a local conveyancing solicitor in Lee On The Solent. What do I do now? At what point should I apply for the mortgage with Coventry BS?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx one thousand pounds, then survey, Lee On The Solent conveyancing search costs, etc). The first thing to do is ensure that your solicitor is on the Coventry BS approved list. Concerning the next steps this very much depends on the specifics of your transaction, attraction to this property and on the state of the market. During a hot market many home buyers would apply for the mortgage with Coventry BS and pay for the valuation and only if it was satisfactory would they ask their property lawyer to press on with the conveyancing in Lee On The Solent.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Lee On The Solent is the location of the property. Can you offer any guidance?
Flying freeholds in Lee On The Solent are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lee On The Solent you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lee On The Solent may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I need to retain a conveyancing solicitor for residential conveyancing in Lee On The Solent. I happened to discover a web site which seems to have the perfect answer If there is a chance to get all this stuff completed via web that would be preferable. Do I need to be wary? What are the potential pitfalls?
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 employed by a reputable estate agency in Lee On The Solent where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Lee On The Solent conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 inherited a 2 bed flat in Lee On The Solent, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Comparable properties in Lee On The Solent with a long lease are worth £211,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2093
You have 68 years unexpired the likely cost is going to range between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.