I am hoping to move into my new home in Stony Stratford next Tuesday. My property lawyer 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 lender. What risks does the lender expect the insurance to cover?
Any lawyer 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 requirements. These requirements are not specific to conveyancing in Stony Stratford.
Do lawyers request money up-front when it comes to conveyancing in Stony Stratford?
If you are buying a property in Stony Stratford your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the sale price then this will be needed shortly prior to contracts are exchanged. The final balance that is needed will be payable a couple of days ahead of the completion date.
The Stony Stratford conveyancing firm that just started acting on my purchase in Stony Stratford have without warning shut down. They were on acting for me because I needed a lawyer on the Santander conveyancing panel and my previous Stony Stratford lawyer was not. I paid them money in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
We are purchasing a house and the lawyer has referenced Chancel Repair for which the house could be liable given it’s proximity to the area of such a church. He has suggested insurance. Is this strictly required for conveyancing in Stony Stratford
Unless a previous purchase of the premises completed post 12 October 2013 you could take it that solicitors carrying out conveyancing in Stony Stratford to continue to recommend a chancel search and or chancel repair liability insurance.
five months have elapsed since my purchase conveyancing in Stony Stratford took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Stony Stratford. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Stony Stratford ?
Most houses in Stony Stratford are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Stony Stratford in which case you should be looking for a Stony Stratford conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
I acquired a 1 bedroom flat in Stony Stratford, conveyancing formalities finalised in 2006. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Stony Stratford with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ends on 21st October 2077
With 56 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as professional fees.
The suggested premium range 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 due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.