I am hoping to complete my purchase in Leicestershire next Tuesday. My conveyancer 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 lender. What risks does the lender expect the insurance to cover?
Any lawyer 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 requirements. These requirements are not unique to conveyancing in Leicestershire.
I purchased a freehold house in Leicestershire but nevertheless pay rent, why is this and what is this?
It is rare for properties in Leicestershire and has limited impact for conveyancing in Leicestershire but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I completed on my home on 13 September and my personal details is yet to be on the land registry website. Should I be concerned? My conveyancing solicitor in Leicestershire expressed confidence that it should be recorded in less than a month. Are transfers in Leicestershire uniquely lengthy to register?
As far as conveyancing in Leicestershire is concerned, registration is no faster or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can vary according to who lodges the application, whether it is in order and if the Land registry must send notices to any third persons or bodies. As of today in the region of 80% of such applications are fully dealt with within 12 days but some can be subject to protracted delays. Registration takes place once the new owner is living at the premises therefore 'speed' is not usually primary concern yet where there is a degree of urgency associated with the registration then you or your solicitor could contact the land registry and explain the circumstances.
How does conveyancing in Leicestershire differ for new build properties?
Most buyers of new build premises in Leicestershire come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Leicestershire tend to purchase the real estate, 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 conveyancers 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.
Am I best advised to use a Leicestershire conveyancing lawyer who is local to the property I am buying? An old friend can conduct the legal work but they are based over three hundred kilometers drive away.
The benefit of a high street Leicestershire conveyancing practice is that you can attend the office to execute documents, deliver your ID and pester them if necessary. Having local Leicestershire know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and they were happy that should surpass using an unfamiliar Leicestershire conveyancing solicitor just because they are local.
I am employed by a long established estate agency in Leicestershire where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Leicestershire conveyancing firms. Could you confirm whether the seller of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
I acquired a garden flat in Leicestershire, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Leicestershire with a long lease are worth £202,000. The ground rent is £60 levied per year. The lease comes to an end on 21st October 2082
You have 56 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.