I am hoping to complete my purchase in Totterdown next Monday. My conveyancer 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 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 conditions. These requirements are not specific to conveyancing in Totterdown.
When it comes to lenders such as Nationwide, do Totterdown property lawyers incur a fee to be on the conveyancing panel?
We are not aware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
After months of negotiation I have agreed a price on an apartment in Totterdown. My mortgage broker recommended their conveyancers. I paid an advanced payment of £150. Shortly after, the conveyancing practitioner contacted me embarrassingly acknowledging that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have instructed a Totterdown lawyer having checked that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Totterdown surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Should my conveyancer be raising enquiries about flooding as part of the conveyancing in Totterdown.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Totterdown. There are those who acquire a house in Totterdown, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a various checks that may be initiated by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Totterdown. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to discover if the property has suffered from flooding. If flooding has previously occurred which is not revealed by the owner, then a buyer may commence a compensation claim as a result of such an misleading response. The purchaser’s solicitors may also carry out an enviro search. This should reveal if there is any known flood risk. If so, more detailed investigations should be made.
I'm buying my first flat in Totterdown with a loan from The Royal Bank of Scotland. The builders would not reduce the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not to tell my conveyancer about this extras as it will adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I was advised by a few estate agents in Totterdown to get a quote from a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to recommend your lawyers over and above alternative conveyancing organisations?
We refuse to offer any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Can you provide any advice for leasehold conveyancing in Totterdown with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Totterdown can be bypassed if you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ lawyers. The majority of freeholders or Management Companies in Totterdown levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Totterdown. Some Totterdown leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a new share certificate is often a time consuming process and slows down many a Totterdown home move. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
I am the registered owner of a garden flat in Totterdown, conveyancing having been completed in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Totterdown with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2082
With 61 years left to run we estimate the price of your lease extension to range between £18,100 and £20,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.