Due to complete my purchase in Stoke Sub Hamdon next Friday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
Any lawyer on acting for banks 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Stoke Sub Hamdon.
I am mortgaging my home in Stoke Sub Hamdon, does my lawyer need to be on the Lloyds Conveyancing panel?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Stoke Sub Hamdon I like with open areas and transport links in the vicinity, however it only has 61 years unexpired on the lease. I can't really find anything else in Stoke Sub Hamdon for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
We're FTB’s - agreed a price, yet the selling agent told us that the owners will only proceed if we use their chosen lawyers as they need a ‘quick sale’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Stoke Sub Hamdon
We suspect that the owner is unaware of this demand. Should the owner require ‘a quick sale', turning down a motivated buyer is is going to put the whole deal at risk. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you do not need to sell (d) you wish to move quickly (e)but you are going to instruct your own,trusted Stoke Sub Hamdon conveyancing firm - not the ones that will earn the estate agent a introducer fee or meet his conveyancing figures pre-set by HQ.
I am employed by a busy estate agency in Stoke Sub Hamdon where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Stoke Sub Hamdon conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 own a 2 bed flat in Stoke Sub Hamdon, conveyancing formalities finalised 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Stoke Sub Hamdon with over 90 years remaining are worth £260,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2092
You have 74 years left to run the likely cost is going to be between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. 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 you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.