I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Shinfield. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 7/10/2021, the requirements read as follows :
I have been told that property searches are a common cause of delay in Shinfield house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Shinfield.
Have purchased a a terraced house in Shinfield , What is the estimated time for the Land Registry to record the transfer to my name? My Shinfield conveyancing solicitor has been very slow, so I want to check the registration is concluded.
There is nothing unique when it comes to conveyancing in Shinfield registration formalities. As opposed to being determined by geographic area, timeframes can vary subject to the party submitting the application, whether there are errors and if the Land registry communicate with any interested persons or bodies. As of today in the region of 80% of such applications are fully dealt with in less than three weeks but some can be subject to extensive hold-ups. Registration takes place after the buyer has moved in to the property so an expedited registration is not always an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for an expedited registration.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a quick, no chain conveyancing. Shinfield is the location of the property. What do you suggest?
Flying freeholds in Shinfield are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shinfield you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shinfield 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 premises.
Can you offer any advice when it comes to appointing a Shinfield conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Shinfield conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Shinfield conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
Can they put you in touch with clients in Shinfield who can give a testimonial? What are the costs for lease extension work?
I bought a basement flat in Shinfield, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Shinfield with an extended lease are worth £221,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2091
With only 70 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.