I am hoping to move into my new home in Wool next Thursday. My conveyancing practitioner now wants me to supply her with proof 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 lender. What does the insurance need to cover?
All property lawyers 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 Part 2 conditions. These requirements are not unique to conveyancing in Wool.
We're in Wool, First time buyers purchasing with a mortgage (lender is Santander , and our solicitor is on the Santander conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Santander conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Are there restrictive covenants that are commonly identified during conveyancing in Wool?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Wool. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been sourcing a conveyancing solicitor in Wool for my purchase. Is there any facility to check a solicitor's record with the profession’s regulator?
You can see published Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The regulator may monitor call for training reasons.
Can you offer any advice when it comes to appointing a Wool conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Wool conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Wool conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
What are the costs for lease extension work?
I acquired a basement flat in Wool, conveyancing formalities finalised February 2006. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Wool with an extended lease are worth £181,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2072
With just 50 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.