Due to complete my purchase in Lytham next Monday. My conveyancer now wants me to supply her with evidence 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 does the insurance need 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 conditions. These requirements are not limited to conveyancing in Lytham.
Please explain the implications if my solicitor is suspended from the Aldermore Conveyancing panel ahead of completing my conveyancing in Lytham?
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.
Hoping to buy a property located in Lytham and I am already nervous. I couldn't find anything specific about Lytham. Conveyancing will be needed in due course but do you know about the Lytham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Lytham. In the meantime here are some basic statistics that we found
My husband and I are first time buyers - had an offer accepted, yet the estate agent informed us that the seller will only proceed if we instruct their preferred lawyers as they want a ‘quick sale’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Lytham
We suspect that the seller is not behind this requirement. If they desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is not the way to achieve this. Contact the sellers directly and make the point that (a)you are serious purchasers (b)you are ready to progress, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)but you intend to use your preferred Lytham conveyancing firm - not the ones that will provide their estate agent a introducer fee or achieve conveyancing figures demanded by corporate headquarters.
I've recently bought a leasehold flat in Lytham. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a garden flat in Lytham, conveyancing having been completed in 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Lytham with an extended lease are worth £180,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2081
You have 59 years remaining on your lease we estimate the premium for your lease extension to range between £20,900 and £24,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other 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 based on this information without first seeking the advice of a professional.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.