Due to move into my new home in Shenley Church End next Friday. My solicitor 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 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 Shenley Church End.
About to place an offer on a leasehold flat in Shenley Church End. The selling agents say that it is standard for flats in Shenley Church End to have less than 75 years left on the lease. I am obtaining a loan with Virgin. Is this going to be acceptable if the lease has 72 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/9/2022 the requirements read as follows :
I have been told that property searches are the primary reason for obstruction in Shenley Church End house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Shenley Church End.
What are your top tips when it comes to finding a Shenley Church End conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Shenley Church End conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Shenley Church End conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
Can they put you in touch with clients in Shenley Church End who can give a testimonial? How many lease extensions have they conducted in Shenley Church End in the last twenty four months?
I am the registered owner of a 1 bedroom flat in Shenley Church End, conveyancing having been completed in 2003. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Shenley Church End with an extended lease are worth £180,000. The ground rent is £65 charged once a year. The lease terminates on 21st October 2081
With just 59 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
We are looking to acquire a repossessed property in Shenley Church End and the mortgagee in possession would like to complete inside a week. Do conveyancers complete in this timeframe? Am I best advised to instruct a high street Shenley Church End firm or an online organisation that professes to offer speedy conveyancing?
Visit your Shenley Church End shopping parade. Go in to 3 firms and ask to talk to a conveyancing solicitor for a quote. Set out your requirements and get a commitment on deadlines. Select the firm that comes across as most trustworthy. Make sure to choose a conveyancer on the list of solicitors who can act for your bank.