Due to move into my new home in Newark next Friday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the lender expect the insurance 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 requirements. These obligations are not unique to conveyancing in Newark.

At what point can the exchange of contracts take place for sale conveyancing in Newark and am I required to attend the solicitors branch?

If you are in close proximity to one of the conveyancing solicitors in Newark you are welcome to attend to sign the paperwork. That being said, the law practices we recommend offer countrywide coverage for conveyancing and provide just as diligent and professional a job for you when dealing with you by post or email. The executing of the contract is not the critical part. A signed contract is just a prerequisite for the solicitor to exchange contracts at the suitable time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Newark)to be in the office available at the end of the phone to exchange contracts.

Over the last few months I have been searching for a flat up to £305k and found one close by in Newark I like with open areas and railway links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Newark in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?

Should you need a mortgage that many years may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.

Last May I purchased a leasehold house in Newark. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I inherited a leasehold flat in Newark, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Newark with over 90 years remaining are worth £206,000. The ground rent is £45 per annum. The lease terminates on 21st October 2091

With just 66 years remaining on your lease we estimate the premium for your lease extension to be between £11,400 and £13,200 as well as costs.

The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account 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 without first getting professional advice.

Is there a difference between surveying and conveyancing in Newark?

Conveyancing - in Newark or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It involves the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you find out about the condition of the building and, if there are problems, give you a powerful reason for reducing the price down or asking the vendor to fix the defects prior to you complete your move.