I have been told by my solicitor that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in East Riding Villages?

The appropriate level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such policies.

The mortgage over my property is with Principality for my property in East Riding Villages. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?

Your original mortgage agreement with Principality will provide that you need their approval before renting your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. You need not do this via a Principality conveyancing panel lawyer.

Nottingham have agreed my mortgage in principle, my offer on a flat in East Riding Villages has been accepted, what happens next?

Your property agent will want to know who your solicitors are (make sure the solicitors are on the lender’s approved list). Contact Nottingham or your broker and finalise any outstanding documentation. Nottingham will instruct a valuer who will get in touch with the estate agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Nottingham will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in East Riding Villages.

I need some expedited conveyancing in East Riding Villages as I am under a deadline to sign on the dotted line within 3 weeks. Thankfully I do not require a mortgage. Is it possible to decline from having conveyancing searches to save money and time?

As you are are a cash buyer you are at free not to have searches conducted although no lawyer would advise that you don't. Drawing on our experience of conveyancing in East Riding Villages the following are examples of issues that can be revealed and adversely affect future saleability: Enforcement Notices, Overdue Charges, Outstanding Grants, Road Schemes,...

My wife and I purchased a semi-detached Victorian property in East Riding Villages. Conveyancing practitioner acted for me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?

You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in East Riding Villages and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with your conveyancing solicitor who completed the work.

I was recommended by a number of estate agents in East Riding Villages to select a solicitor using your seach tool. Is there a financial inducement for Estate Agents to market your services rather than a competitor’s?

We don’t give any financial incentive for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.

I am looking at a two flats in East Riding Villages both have approximately forty five years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in East Riding Villages is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with East Riding Villages conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I inherited a garden flat in East Riding Villages, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in East Riding Villages with an extended lease are worth £227,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2097

You have 72 years left to run the likely cost is going to span between £9,500 and £11,000 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 the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.