All was ready to move into my new home in Summertown and Botley next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the lender expect the insurance 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 UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Summertown and Botley.
Having sold my house in Summertown and Botley last July yet the purchaser is e-mailing me complaining that their conveyancer is waiting to hear from mylawyer. What are the post completion sale formalities following completion?
Following your sale your lawyer is duty bound to forward the transfer documentation and all supplemental paperwork to the purchaser's solicitors. Where appropriate, your conveyancer should also evidence that the mortgage has been paid off to the purchasers conveyancers. There are no post completion procedures specific conveyancing in Summertown and Botley.
I am buying a right to buy a flat in Summertown and Botley. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Summertown and Botley you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Summertown and Botley.
We are aiming to move house in October. Will my conveyancing solicitor call the removal company on the completion day. On a separate note, can you suggest a removal company in Summertown and Botley. Conveyancing solicitor was found before I stumbled across this website.
On the afternoon of completion you will need to pick up the house keys from your estate agent however this can only happen once the vendors conveyancers confirm to the agent that they have the completion monies and the keys can be passed over. After that you will need to inform the removal men that they can start moving you in. As a matter of policy we do not suggest a specific removal organisation but can help you choose a conveyancing in Summertown and Botley or a solicitor with expertise in conveyancing in Summertown and Botley.
I happen to be the only recipient of my late grandmother’s estate and I have everything in my name now, including the house in Summertown and Botley. The Summertown and Botley property was put into my name in July. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership will be considered the same way as though I had purchased the property in July. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view mortgage companies take of it, depend on the lender as this clause primarily exists to capture subsales or the flipping of property.
My wife and I have organised a further advance on our home loan from TSB as we wish to carry out a loft conversion to our house in Summertown and Botley. Are we obliged to select a nearby Summertown and Botley solicitor on the TSB conveyancing panel to handle the paperwork?
TSB would not normally require firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB list.
My colleague advised me that if I am purchasing in Summertown and Botley I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Summertown and Botley conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Summertown and Botley around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Summertown and Botley Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Summertown and Botley.
I am employed by a reputable estate agency in Summertown and Botley where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Summertown and Botley conveyancing firms. Please can you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I am the registered owner of a studio flat in Summertown and Botley, conveyancing having been completed half a dozen years ago. 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 Summertown and Botley with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease terminates on 21st October 2091
With only 66 years unexpired the likely cost is going to span between £12,400 and £14,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.