Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Flamborough. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 26/5/2023, the requirements read as follows :
I am buying a new build flat in Flamborough. 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.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Flamborough
Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Am I right to be wary by brokers that I am dealing with are encouraging me to use an internet conveyancing firm rather than a High Street Flamborough conveyancing company?
As with lots of service providers, often referrals from connections can be extremely useful or valuable. Nevertheless there are numerous parties with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies might all put forward lawyers to instruct. On occasion these conveyancers might be known to one of the organisations as being good in their field, but occasionally there exists a financial incentive behind the endorsement. You are free to select your preferred conveyancer. You need to be aware that most mortgage providers specify a panel list of law firms you must use for the mortgage aspect of your transaction.
I need to instruct a conveyancing solicitor for purchase conveyancing in Flamborough. I have chance upon a web site which appears to be the ideal solution If there is a chance to get all this stuff done via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a long established estate agency in Flamborough where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Flamborough conveyancing firms. Can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. 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 buyer.
I bought a garden flat in Flamborough, conveyancing formalities finalised in 2010. Can you work out an approximate cost of a lease extension? Comparable properties in Flamborough with a long lease are worth £260,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2098
With 75 years left to run the likely cost is going to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.