I am hoping to complete my purchase in Endon next Friday. My conveyancer 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 lender. 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 Part 2 instructions. These obligations are not specific to conveyancing in Endon.
Do I have to pop into the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Endon so that I can attend their offices when needed.
Nowadays conveyancing panel lawyers for lenders conduct all of the work through the post, internet or over phone calls. This enables them to carry out the legal work for your home move regardless of where you live in the country. However you can see if you can still book an appointment to visit conveyancing lawyer if needed.
I decided to have a survey done on a house in Endon prior to instructing solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks tend refuse to grant a loan on a flying freehold house.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Endon. Conveyancing will be smoother if you use a solicitor in Endon especially if they are familiar with such properties in Endon.
What advice can you give us when it comes to choosing a Endon conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Endon conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Endon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
If they are not ALEP accredited then what is the reason? Can they put you in touch with clients in Endon who can give a testimonial?
I inherited a 1 bedroom flat in Endon, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Endon with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2097
With just 78 years left to run we estimate the price of your lease extension to range between £7,600 and £8,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues 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 before getting professional advice.
Why do I have to send my conveyancing practitioner with a list of items of identification before I can proceed with my conveyancing in Endon?
Endon conveyancing practitioners are obliged by the Law Society, Solicitors Regulation Authority, the Land Registry and current AML legislation to certify that the have verified the identity of their clients. It will also be a condition of your bank where you are taking a mortgage. In addition they have to complete various forms, particularly those relating to stamp duty land tax and need to have information such as your full names, national insurance number and date of birth.