Due to move into my new home in Leigh next Thursday. 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?
Any lawyer on acting for mortgage companies 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 conditions. These requirements are not specific to conveyancing in Leigh.
We note that you have a post code search directory listing firms on the RBS conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Leigh?
We are a listing service only for law firms wishing to communicate if they are on the RBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Leigh.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Clydesdale Conveyancing panel ahead of completing my conveyancing in Leigh?
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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Leigh is where the house is located. Can you shed any light on this issue?
Flying freeholds in Leigh are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Leigh you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leigh may decide 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 property.
Can you provide any top tips for leasehold conveyancing in Leigh from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Leigh can be reduced if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers’ conveyancers. If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Obtaining a new share certificate can be a time consuming process and delays many a Leigh home move. Where a new share is required, you should approach the company officers or managing agents (if relevant) for this as soon as possible. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Leigh state that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such changes. Should you fail to have the approvals to hand you should not communicate with the landlord without contacting your lawyer in the first instance. The majority of landlords or managing agents in Leigh levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Leigh. If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
I purchased a split level flat in Leigh, conveyancing having been completed in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Leigh with an extended lease are worth £181,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2068
With 50 years unexpired the likely cost is going to range between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.