I am not well enough to travel far from Shotley Bridge. I would like to know the reason why all Shotley Bridge conveyancers aren't automatically on all lender panels?
Lenders highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in banks and building societies pruning less reputable firms from their official list of approved conveyancing practitioners .
Due to complete my purchase in Shotley Bridge next Tuesday. 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 risks does the mortgage company expect the insurance 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Shotley Bridge.
How up to date is your database of Shotley Bridge solicitors on the Coventry BS conveyancing panel? Do Coventry BS send you an updated list?
Shotley Bridge conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.
I am about to put an offer on a leasehold apartment in Shotley Bridge. The estate agents advise that it is the norm for flats in Shotley Bridge to have less than 75 years remaining. I am obtaining a mortgage with Chelsea Building Society. Will the property be mortgageable given that the lease has Seventy One years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 29/8/2024 the requirements read as follows :
I have been on the look out for a leasehold apartment up to £305k and found one close by in Shotley Bridge I like with open areas and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Shotley Bridge suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
What advice can you give us when it comes to appointing a Shotley Bridge conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Shotley Bridge conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Shotley Bridge conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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Can they put you in touch with clients in Shotley Bridge who can give a testimonial? What volume of lease extensions have they conducted in Shotley Bridge in the last 12 months?
Shotley Bridge Leasehold Conveyancing - Examples of Queries before buying
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It is important to be aware whether fixing the lift or some other major work is pending that will be shared between the leaseholders and may well dramatically increase the the maintenance fees or result in a one time payment. Where a Shotley Bridge lease has fewer than 80 years it will affect the salability of the flat. Check with your lender that they are content with remaining years on the lease. A short lease means that you will probably require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have been the owner of the property for a couple of years before you are eligible to carry out a lease extension. The best form of lease structure is a share of the freehold. In this situation the leaseholders enjoy control and notwithstanding that a managing agent is frequently retained where it is larger than a house conversion, the managing agent is directed by the tenants.