Due to complete my purchase in Market Deeping next Friday. My solicitor 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?
All property lawyers 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 Part 2 conditions. These obligations are not limited to conveyancing in Market Deeping.
Having sold my house in Market Deeping last April but our buyer keeps whats apping every few hours complaining that her solicitor needs to hear from mine. What should my lawyer have done following completion?
Post completion of your disposal your lawyer is duty bound to send the transfer documentation and all of the paperwork to the buyer’s conveyancer. If applicable, your solicitor must also confirm that the home loan has been redeemed to the purchasers conveyancers. There is unlikely to be post completion requirements just for conveyancing in Market Deeping.
Can you help - my lawyer says that chancel insurance is necessary on my purchase. What is the level of cover for Market Deeping conveyancing?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such insurances.
The mortgage over my property is with Co-operative for my property in Market Deeping. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
Co-operative must be informed of your intention prior to renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel solicitor.
I can not work out if my bank requires a lease extension. I have telephoned my Market Deeping building society branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Market Deeping conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend in accordance with their published requirements. I have no idea who is right.
As long as the conveyancer is on the bank approved list, she or he must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The lawyers who did the conveyancing in Market Deeping 4 years ago no longer exist. What are my next steps?
In today’s world there are duplicates made of almost everything, and your lawyer should be aware exactly where to find all the appropriate paperwork so you can buy or dispose of your property without any difficulty. If copies can’t be located, your solicitor may be able to arrange cover in the form of insurance or indemnities against possible claims on your property.
I am thinking of appointing a conveyancing practitioner in Market Deeping for my purchase. Can I see a solicitor's complaints history with the profession’s regulator?
Anyone can read documented Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find records about the period before 1 January 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The regulator could monitor call for training purposes.
Can you offer any advice when it comes to finding a Market Deeping conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Market Deeping conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with two or three firms including non Market Deeping conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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How many lease extensions has the firm completed in Market Deeping in the last year? What are the costs for lease extension conveyancing?
I own a 2 bed flat in Market Deeping, conveyancing having been completed January 2006. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Market Deeping with over 90 years remaining are worth £202,000. The ground rent is £60 invoiced annually. The lease expires on 21st October 2077
With only 57 years left to run the likely cost is going to be between £28,500 and £33,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.