All was ready to complete my purchase in Lytham next Friday. My property lawyer 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 bank. What does the insurance need to cover?
Any lawyer on acting for mortgage companies 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 obligations are not unique to conveyancing in Lytham.
4 months have gone by following my purchase conveyancing in Lytham completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. 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 residence 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 Lytham differ for new build properties?
Most buyers of new build property in Lytham approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Lytham tend to purchase 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 Lytham or who has acted in the same development.
I was advised by two or three local selling agents in Lytham to locate a conveyancer on your site. Is there a financial upside for Estate Agents to market your lawyers over another?
We don’t make any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I am tempted by the attractive purchase price for a two apartments in Lytham both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Lytham. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
I purchased a split level flat in Lytham, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Lytham with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2084
With just 59 years unexpired the likely cost is going to range between £20,900 and £24,200 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
What can I expect to pay for conveyancing in Lytham?
Almost all Lytham conveyancing firms will charge a set fee. If extra work becomes necessary during the conveyancing your lawyer must inform you in writing of such supplemental fees for any work as soon as it becomes apparent. Some practices will agree not to charge a fee if a transaction does not go ahead, others will charge a percentage of the set costs, according to the stage at which the transaction aborts.
We would recommend that you seek a few practices to send you an estimate.