All was ready to complete my purchase in Walkden next Friday. 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 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 obligations are not limited to conveyancing in Walkden.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Walkden so that I can attend their offices if necessary.
Whereas this was necessary twenty years ago, most mortgage companies no longer require their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to hand over identification documents and there are still manifest benefits to instructing a local solicitor, in your case a conveyancing solicitor in Walkden.
We have agreed to purchase a house in Walkden. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Bank of Ireland be concerned?
As your lender is Bank of Ireland your lawyer must comply with the formal instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Bank of Ireland where a lease fails to satisfy these provisions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Walkden.
Completion of my remortgage has taken place for my property in Walkden. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
After weeks of negotiation I have agreed a price on an apartment in Walkden. My financial adviser recommended their conveyancers. I paid an on account payment of £200. Not long after, the property lawyer contacted me embarrassingly acknowledging that they were not on the Clydesdale 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 Clydesdale 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 justbecome aware that Wolstenholmes have been shut down. They conducted my conveyancing in Walkden for a purchase of a freehold house 10 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The quickest way to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Walkden conveyancing specialists.
Due to the advice of my in-laws I had a survey completed on a property in Walkden in advance of appointing solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some banks will not give a loan on this type of house.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. If you e-mail us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Walkden. Conveyancing may be slightly more expensive based on your lender's requirements.
I am attracted to a couple of maisonettes in Walkden both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Walkden is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Walkden 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 any new 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 bought a split level flat in Walkden, conveyancing having been completed 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Walkden with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2087
With 63 years left to run we estimate the price of your lease extension to range between £16,200 and £18,600 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.