Can you help - my lawyer advises that absentee landlord insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Rumney?
The right level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Barclays and Chelsea Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
My fiancee and I are in the process of viewing apartments in Rumney and I am about to put in an offer. Is it too early to have a solicitor in place? I will be getting a mortgage with Skipton.
It would be prudent to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are seeking a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
I am due to exchange contracts on my apartment. I had a double glazing fitted in January 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Santander are being a right pain. The Rumney solicitor who is on the Santander conveyancing panel is saying indemnity insurance will be fine but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
We are intent on selling our home in Rumney and according to the buyers it appears that there is a risk of it being built on contaminated land. A high street Rumney conveyancer would know this is not the case. It does beg the question why the purchasers used an internet conveyancing practice rather than a conveyancing solicitor in Rumney. Having lived in Rumney for 5 years we know that this is a non issue. Should we contact our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Rumney is the location of the property. What do you suggest?
Flying freeholds in Rumney are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rumney you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rumney may determine 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 property.
In what way does the Landlord & Tenant Act 1954 impact my commercial premises in Rumney and how can you help?
The particular law that you refer to affords security of tenure to commercial leaseholders, granting the a statutory right to apply to court for a renewal lease and continue in occupation at the end of the lease term. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Rumney is one of our many areas of the UK in which our lawyers are located
I am 14 days into a residential purchase having been recommend to solicitors by the estate agent to execute conveyancing in Rumney. I am am starting to be dissatisfied with the quality of service. Could you you assist me in finding new solicitors?
They would need to be very bad to suggest replacing them. Has the mortgage offer been issued? If so you need to advise them of the replacement solicitor and ensure the loan are re-issued. Your solicitor ideally needs to be on the banks approved list to avoid escalating charges and complications. So that should be your first question of the new lawyers. The find a solicitor tool will assist you in finding a bank approved conveyancer for your home move in Rumney
I work for a long established estate agency in Rumney where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Rumney conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities 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 kick-start 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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 1 bedroom flat in Rumney, conveyancing was carried out 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Rumney with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease expires on 21st October 2081
With just 55 years left to run the likely cost is going to span between £31,400 and £36,200 as well as legals.
The figure 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. Do not use the figures in tribunal or court proceedings. There may be other issues 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 before getting professional advice.