I am hoping to complete my purchase in New Quay next Tuesday. My solicitor now wants me to supply her with proof 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 risks does the bank expect the insurance 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 instructions. These obligations are not specific to conveyancing in New Quay.

It has been 2 months following my purchase conveyancing in New Quay took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

I need to instruct a conveyancing solicitor for residential conveyancing in New Quay. I've chance upon a web site which looks to be the ideal solution If there is a chance to get all the legals done via email that would be ideal. Do I need to be wary? What are the potential pitfalls?

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?

When it comes to leasehold conveyancing in New Quay what are the most common lease defects?

Leasehold conveyancing in New Quay is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

Insurance obligations

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Norwich and Peterborough Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

I acquired a leasehold flat in New Quay, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in New Quay with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease terminates on 21st October 2084

With just 60 years remaining on your lease the likely cost is going to be between £20,000 and £23,000 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

I am looking for New Quay online conveyancing estimates. Can I be assured that all the New Quay law firms that are listed on your directory are on the lender conveyancing panel?

The law firms on our directory have assured us via an online form that they are on the mortgage company panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a bank or a member of the public that the data about a specific New Quay conveyancing solicitor being on the bank conveyancing panel is incorrect.