I am hoping to move into my new home in Birtley next Friday. My lawyer now wants me to supply her with proof 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 bank. What does the insurance need to cover?
All property lawyers on acting for banks 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 instructions. These requirements are not unique to conveyancing in Birtley.
Please explain the implications if my lawyer’s firm is removed from the TSB Conveyancing panel ahead of completing my conveyancing in Birtley?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I opted to have a survey done on a property in Birtley in advance of instructing lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some lenders tend refuse to give a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can check 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 Birtley. Conveyancing may be slightly more expensive based on your lender's requirements.
I own a leasehold house in Birtley. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Birtley who acted for me is not around. What should I do?
First contact the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Birtley conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a garden flat in Birtley, conveyancing formalities finalised March 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Birtley with over 90 years remaining are worth £181,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2069
With just 51 years remaining on your lease we estimate the price of your lease extension to range between £30,400 and £35,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
Been searching for a conveyancer for freehold sale conveyancing in Birtley. I'm selling, simple no mortgage to redeem, no hurry, no onward purchase. Had an estimate from a property lawyer for nine hundred pounds including VAT which is a little high considering its so straightforward. Can I pay less for conveyancing in Birtley?
Given that it’s a sale only, £425 + VAT would be about the cheapest for sale conveyancing in Birtley.