I am hoping to move into my new home in Oakwood next Thursday. 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 lender. What risks does the lender expect the insurance to cover?
Any lawyer on acting for lenders 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 specific to conveyancing in Oakwood.
We're in Oakwood, First timers purchasing with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I are purchasing a flat in Oakwood. It might be a silly question but how we can trust a solicitor? At some point we will need to send our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
A friend pointed out to me me that in purchasing a property in Oakwood there may be a number of restrictions prohibiting external alterations to a property. Is this right?
There are a number of properties in Oakwood which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Oakwood should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am due to exchange contracts on my apartment. I had a double glazing fitted in October 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being pedantic. The Oakwood solicitor who is on the Nottingham conveyancing panel is saying indemnity insurance will be fine but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I decided to have a survey completed on a house in Oakwood in advance of retaining solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some banks will not issue a loan on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Oakwood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Oakwood to see if the conveyancing will be more expensive.
Is it best to use a Oakwood conveyancing lawyer based in the vicinity that I am purchasing? An old friend can carry out the conveyancing but his firm is located approximately 350kilometers drive away.
The primary upside of using a high street Oakwood conveyancing firm is that you can attend the office to sign paperwork, hand in your identification documents and apply pressure on them if necessary. They will also have local insight which is a plus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were impressed that must trump using an unfamiliar Oakwood conveyancing solicitor just because they are round the corner.
Estate agents have just been given the go-ahead to market my 2 bed flat in Oakwood. Conveyancing lawyers have not yet been instructed, but I have recently had a quarterly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear the invoice as normal because all ground rent and service payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a 1 bedroom flat in Oakwood, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Oakwood with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease expires on 21st October 2077
You have 56 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure 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 comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.