I am hoping to move into my new home in Ryde next Friday. My property lawyer now wants me to supply her with proof of content and building insurance for the property 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?
All property lawyers 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 UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Ryde.
My fiance and I are buying a newly converted flat in Ryde with a homeloan from Britannia.We have a Ryde conveyancing solicitor but Britannia advised that her practice is not listed on their "panel". we are left little option but to use a Britannia panel lawyer or retain our high street solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan issued to you contains terms and conditions, a common one being that solicitors will be on the Britannia approved list. in the past, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Britannia
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Ryde?
There are many registered licenced Conveyancers in Ryde and Solicitor firms in Ryde to choose from It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. Both can handle associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
We previously selected solicitors with offices in Ryde on the Leeds Building Society solicitor panel. They are now charging me a separate sum for handling the Leeds Building Society mortgage. Is this an additional conveyancing fee set by Leeds Building Society?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your solicitor is entitled to levy a fee for this. The charge is not set by Leeds Building Society but by your Ryde conveyancing practitioner. Plenty of firms on the Leeds Building Society panel will quote ’dealing with mortgage’ fee but plenty of firms incorporate it on their overall fee.
I currently have a mortgage with TSB for my property in Ryde. Conveyancing was finalised some time ago. In the event that I decide 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 TSB?
Your original mortgage agreement with TSB will provide that you need their approval in advance of letting out your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 TSB directly. You need not do this via a TSB conveyancing panel lawyer.
Due to the input of my in-laws I had a survey completed on a house in Ryde in advance of instructing conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will not give a mortgage on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ryde. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to find a conveyancing solicitor for freehold conveyancing in Ryde. I happened to chance upon a site which appears to be the perfect solution If there is a chance to get all the legals done via email that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What advice can you give us when it comes to choosing a Ryde conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Ryde conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Ryde conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
Can they put you in touch with clients in Ryde who can give a testimonial? How experienced is the practice with lease extension legislation?
I acquired a basement flat in Ryde, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Ryde with a long lease are worth £180,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2082
You have 59 years unexpired we estimate the price of your lease extension to be between £20,900 and £24,200 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 a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.