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Find a Caistor Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Caistor? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Caistor transaction at risk of delay or failure.

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Recently asked questions about conveyancing in Caistor

Due to move into my new home in Caistor next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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 unique to conveyancing in Caistor.

I am in the process of refinancing my house in Caistor, does my lawyer have to be on the Bank of Ireland Conveyancing panel?

In theory, you could use a solicitor that is not on the Bank of Ireland conveyancing panel, but Bank of Ireland would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.

Are there restrictive covenants that are commonly identified during conveyancing in Caistor?

Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Caistor. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Caistor I like with open areas and station nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Caistor for this price, so just wondered if I would be making a mistake purchasing a short lease?

If you require a home loan the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.

I am employed by a long established estate agent office in Caistor where we see a number of flat sales put at risk due to short leases. I have received contradictory information from local Caistor conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 prior to, or at the same time as completion of the sale.

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 purchaser.

I bought a 1st floor flat in Caistor, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Caistor with a long lease are worth £260,000. The ground rent is £45 yearly. The lease terminates on 21st October 2092

With only 74 years unexpired the likely cost is going to span between £8,600 and £9,800 plus legals.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

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