Due to move into my new home in Hull East next Thursday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?

All property lawyers on acting for lenders 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 conditions. These requirements are not limited to conveyancing in Hull East.

Will my conveyancer be raising questions about flooding during the conveyancing in Hull East.

Flooding is a growing risk for solicitors dealing with homes in Hull East. There are those who purchase a property in Hull East, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.

Lawyers are not qualified to give advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Hull East. The conventional set of property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to determine if the premises has suffered from flooding. If flooding has previously occurred which is not revealed by the vendor, then a buyer could bring a compensation claim stemming from an misleading answer. The buyer’s solicitors may also conduct an enviro report. This will indicate if there is a recorded flood risk. If so, more detailed inquiries should be conducted.

Should I choose a Hull East conveyancing solicitor who is local to the property I am buying? I have an old university friend who can execute the legal formalities but her office is a couple of hundredmiles drive away.

The benefit of a high street Hull East conveyancing practice is that you can drop in to sign documents, hand in your ID and apply pressure on them if necessary. Having local Hull East know how is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and in the main were impressed that should outweigh using an unknown Hull East conveyancing lawyer solely due to them being Hull East based.

What are your top tips when it comes to finding a Hull East conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Hull East conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Hull East conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:

How many lease extensions have they carried out in Hull East in the last twenty four months? What are the costs for lease extension work?

I purchased a studio flat in Hull East, conveyancing was carried out May 2009. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Hull East with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease comes to an end on 21st October 2083

With only 58 years remaining on your lease we estimate the price of your lease extension to be between £23,800 and £27,400 as well as costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account 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 without first seeking the advice of a professional.

I own a leasehold flat in Hull East. Conveyancing was finished in five years ago. I have read on a number of advice forums that I should not let the the remaining lease term to fall too low. What is the reasoning?

Hull East leasehold properties are for a set term - often ninety nine years when they are first granted. However many appartments in Hull East were built or converted 25 or more years ago and so these leases now have under 80 years left to run. This may sound like a long time however Banks, Building Societies and other mortgage institutions generally need leases to have at least 75 years remaining to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To enhance your property value you should be thinking about whether to extend your lease long before you come to sell it. There are also advantages to doing so before the lease hits eighty years as when the lease is less than eighty years the premium you have to pay to extend starts to increase.