Due to complete my purchase in Leagrave and Chalton next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. 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 Part 2 requirements. These requirements are not unique to conveyancing in Leagrave and Chalton.
Can I use your services to find a Conveyancing solicitor in Leagrave and Chalton even if I’m not purchasing or disposing of a house, for example where I intend to acquire an office in Leagrave and Chalton with a mortgage from Halifax?
Our search tool is primarily there to locate domestic conveyancing solicitors in Leagrave and Chalton but we have listed towards the bottom of this page a few Leagrave and Chalton commercial conveyancing firms. You should speak with the company directly to see if they are also authorised to represent Halifax
What happens if my lawyer’s firm is expelled from the Principality Conveyancing panel ahead of completing my conveyancing in Leagrave and Chalton?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Leagrave and Chalton is where the house is located. What do you suggest?
Flying freeholds in Leagrave and Chalton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Leagrave and Chalton you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leagrave and Chalton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I work for a busy estate agency in Leagrave and Chalton where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Leagrave and Chalton conveyancing solicitors. Please can you confirm whether the owner of a flat can commence the lease extension formalities 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 split level flat in Leagrave and Chalton, conveyancing was carried out in 1999. How much will my lease extension cost? Equivalent properties in Leagrave and Chalton with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2097
With just 74 years unexpired the likely cost is going to be between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.