Due to complete my purchase in Chichester next Tuesday. My conveyancing practitioner 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 mortgage company. 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 obligations are not unique to conveyancing in Chichester.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Chichester. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Chichester
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am 3 weeks into a residential purchase having been recommend to conveyancers by the high street agent to execute conveyancing in Chichester. I am am starting to be dissatisfied with the quality of service. Can you help me find new conveyancers?
They would have to be very bad in order to consider diss instructing them. Has your loan offer been sent? In the event that it has you need to advise them of the replacement conveyancer and get the mortgage documents are issued to the new lawyers. Your solicitor ideally should be on the lenders approved list to avoid escalating costs and complications. That should be your starting point. The search tool will assist you in finding a bank approved conveyancer for your home move in Chichester
Harry (my fiance) and I may need to rent out our Chichester ground floor flat for a while due to a career opportunity. We used a Chichester conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Chichester conveyancing solicitor is no longer available you can check your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you need to obtain permission from your landlord or other appropriate person prior to subletting. This means that you cannot sublet without first obtaining permission. Such consent should not be unreasonably turned down. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I inherited a ground floor flat in Chichester, conveyancing formalities finalised 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Chichester with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2097
With 78 years unexpired we estimate the price of your lease extension to span between £7,600 and £8,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
My husband and I are buying a 2 bedroom flat in Chichester. At the time of instructing our solicitor, they told us that they were on all major UK lender panels. The mortgage broker emailed yesterday to advise that they don't seem to be on the HSBC approved list. Should that be true, what should we do? Do we simply choose a new conveyancer that is on their panel or do we pay for separate representation, with HSBC appointing their own approved property lawyer.
When buying a property with the benefit of a mortgage it is standard for the buyer’s lawyers to also act for the purchaser's lender. In order to act for a bank or building society a conveyancer has to be on that lender's list of approved lawyers. An application has to be made by the solicitor to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to satisfy. Some banks now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancing practitioner should contact HSBC to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on HSBC's conveyancing panel as you are at liberty to use your preferred Chichester lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another property lawyer into the mix.