I am hoping to complete my purchase in Rothbury next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the bank 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 Part 2 requirements. These obligations are not specific to conveyancing in Rothbury.
As someone not used to conveyancing in Rothbury what is the number one tip you can give me concerning the legal transfer of property in Rothbury
You may not hear this from too many lawyers but conveyancing in Rothbury and elsewhere in England and Wales is often a confrontational process. In other words, when it comes to conveyancing there is an abundance of room for friction between you and other parties involved in the house moving process. For instance, the vendor, selling agent and sometimes the bank. Selecting a law firm for your conveyancing in Rothbury should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose responsibility is to protect your legal interests and to protect you.
On occasion a potential adversary may attempt to sway you that it is in your interests to do things their way. For instance, the estate agent may claim to be helping by suggesting your conveyancer is dragging his heels. Or your mortgage broker may try to convince you to do something that is against your solicitors advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Despite weeks of looking the Title Certificate and documents to our property are lost. The lawyers who did the conveyancing in Rothbury 10 years ago are no longer around. What are my next steps?
Assuming you have a registered title the information relating to your ownership will be retained by HMLR with a Title Number. It is possible to perform a search at the Land Registry, identify your property and get up to date copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will in most cases retain a file copy of the Registered Lease and again, a copy can be ordered for a small fee.
I opted to have a survey done on a house in Rothbury prior to retaining lawyers. I have been told that there is a flying freehold element to the property. The surveyor advised that some mortgage companies will refuse to issue a mortgage on a flying freehold property.
It varies from the lender to lender. HSBC has different instructions from Halifax. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Rothbury. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been advised by a number of estate agents in Rothbury to select a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to promote your lawyers rather than alternative conveyancing organisations?
We refuse to make any commission for sending work in our direction. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £350,000 flat in Rothbury next week. The managing agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Rothbury?
Rothbury conveyancing on leasehold apartments more often than not involves the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They are at liberty to invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I own a 2 bed flat in Rothbury, conveyancing formalities finalised in 1999. 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? Equivalent flats in Rothbury with over 90 years remaining are worth £176,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2106
With only 80 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. 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 based on this information before seeking the advice of a professional.