I am hoping to move into my new home in Leicestershire next Friday. My solicitor 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?
All property lawyers on acting for banks 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 requirements are not limited to conveyancing in Leicestershire.
It has been four months since my purchase conveyancing in Leicestershire concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Leicestershire differ for newly converted properties?
Most buyers of new build property in Leicestershire contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Leicestershire usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Leicestershire or who has acted in the same development.
I have been recommended by numerous property agents in Leicestershire to select a solicitor on your site. Is there a financial inducement for Estate Agents to promote your lawyers over and above another?
We don’t make any referral fee for sending work in our direction. We found it would be just too difficult a fee because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
In surfing the web for the phrase cheap conveyancing in Leicestershire it brings up numerous property lawyersin the area. With so much choice what is the best way to find the right property lawyer for my move?
The best way of finding the right conveyancer is via personal testimonial, so ask friends and relatives who have purchased a property in Leicestershire or a respected estate agent or financial adviser. Charges for conveyancing in Leicestershire differ, so it's advisable to request at least four costs illustrations from different law firms. Make sure that you clarify that the fees are fixed.
Back In 2000, I bought a leasehold flat in Leicestershire. Conveyancing and Britannia mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Leicestershire who previously acted has long since retired. Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Leicestershire conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leicestershire Leasehold Conveyancing - Sample of Queries before Purchasing
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How is the lease structured? What is the name of the managing agents?