All was ready to move into my new home in Grimsby next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the lender expect the insurance to cover?

Any lawyer on acting for mortgage companies 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 instructions. These requirements are not limited to conveyancing in Grimsby.

Why is leasehold purchase conveyancing in Grimsby is more expensive?

In short, leasehold conveyancing in Grimsby and usually requires additional due diligence compared to freehold conveyancing. This includes analysing the lease terms, corresponding with the landlord concerning serving applicable notices, procuring up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.

Last month we had a mortgage agreed in principle with . Grimsby conveyancing solicitors are instructed. What is the average time that one could expect to receive a mortgage offer from ?

Some lenders take longer than others. Have conducted the valuation? Have you advised as to your lawyers' details and checked that your lawyers are on the conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.

We expect to receive a DIP from this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do recommend any Grimsby solicitors on the conveyancing panel, or is it better to find our own lawyer?

You will need to appoint Grimsby solicitors independently although you'll need to choose one on the conveyancing panel. The solicitor represents both you and through the process.

I'm in the process of viewing apartments in Grimsby and I am about to put in an offer. Should I already have a appointed at this point? I intend to finance via a mortgage with .

It would be sensible to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are obtaining a mortgage with , make sure you remember to check that your lawyer is on the conveyancing panel.

I acquired a studio flat in Grimsby, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Grimsby with a long lease are worth £165,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 50

With 50 years remaining on your lease the likely cost is going to span between £36,100 and £41,800 as well as legals.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.

I have today had an offer accepted on a leasehold flat in Grimsby and the mortgage adviser that we are dealing with recommended his . She quoted £1000 including VAT and 3rd party costs. Does this sound like a good deal?

Don't just go on a single quote. You should obtain like-for-like quotes for your conveyancing in Grimsby. Then choose one that you are comfortable with and just as important, is on the approved panel of the bank that you have applied for a mortgage from.