Due to complete my purchase in Stow on the Wold next Monday. My 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 mortgage company. What does the insurance need 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 Part 2 conditions. These obligations are not specific to conveyancing in Stow on the Wold.
Why is leasehold purchase conveyancing in Stow on the Wold costs more?
Stow on the Wold leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My bid for a property was accepted at auction in Stow on the Wold. Conveyancing is necessary. What are my next steps?
Having exchanged you will need to choose a conveyancing practitioner quickly as you will have a tight deadline in which to complete the property. All auction property will ordinarily have a bespoke auction pack. This will include evidence of title and search results. Where you are dealing with leasehold property the auction pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You need to pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that your finances are in place to complete the transaction on the set completion date.
Can you point me to a directory of Coventry BS panel conveyancers in Stow on the Wold on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings viewable over the internet. Where you are in need of a Stow on the Wold conveyancing practitioner on the Coventry BS please make the most of our facility.
I am expecting a DIP from Clydesdale this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Clydesdale recommend any Stow on the Wold solicitors on the Clydesdale conveyancing panel, or is it better to go independently?
You will need to appoint Stow on the Wold solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
I used Wolstenholmes several years past for my conveyancing in Stow on the Wold. Now, I need my documents but cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Stow on the Wold of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
In my capacity as executor for the will of my grandmother I am selling a property in Swansea but live in Stow on the Wold. My solicitor (based 250 kilometers from merequires that I execute a stat dec prior to completion. Can you recommend a conveyancing lawyer in Stow on the Wold to witness and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will be fine regardless of whether they are located in Stow on the Wold
I work for a busy estate agent office in Stow on the Wold where we see a number of leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Stow on the Wold conveyancing solicitors. Please can you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a 2 bed flat in Stow on the Wold, conveyancing formalities finalised March 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Stow on the Wold with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2087
With just 64 years left to run the likely cost is going to be between £14,300 and £16,400 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.