I am hoping to complete my purchase in Shotton next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need 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 instructions. These obligations are not specific to conveyancing in Shotton.
We're in Shotton, First timers purchasing with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
The deeds to my property are lost. The lawyers who did the conveyancing in Shotton 4 years ago are no longer around. Will I be able to sell the house?
As long as the title is registered the information relating to your proprietorship will be documented by HMLR with a Title Number. It is possible to perform a search at the Land Registry, find your property and secure up to date copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will usually retain a certified copy of the Registered Lease and again, a copy can be ordered for twenty pounds.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, chain free conveyancing. Shotton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Shotton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shotton you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shotton may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What tools are available to locate a Shotton law firm on the Godiva Mortgages Ltd conveyancing panel? I have a car and am willing to travel upto 20kilometers to meet the conveyancer.
Feel free to make use of the tool on this page. Please pick a bank and your location and you will see a number of Shotton conveyancing lawyers locally. We have listed some Shotton conveyancing firms towards the end of this page and you can call them to verify whether they are on the Godiva Mortgages Ltd member panel
I am attracted to a couple of apartments in Shotton which have about forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Shotton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Shotton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a studio flat in Shotton, conveyancing was carried out August 2000. 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? Comparable properties in Shotton with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2080
With 55 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as legals.
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 in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.