Can you help - my lawyer says that flying freehold insurance is required on my purchase. What is the level of cover for Leiston conveyancing?

The right level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and Barnsley Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.

I currently have a mortgage with Coventry BS for my property in Leiston. Conveyancing was finalised some time ago. In the event that I decide 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 Coventry BS?

Your original mortgage agreement with Coventry BS will provide that you need their approval before letting out your property as this is likely to be a breach of Coventry BS’s mortgage conditions. In many cases banks or building societies 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 Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel firm.

I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Leiston bank branch on various occasions and was informed it wasn't a problem and they would lend. My Leiston conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend in accordance with their specific requirements. Who do I believe?

Your conveyancing practitioner has to follow the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.

I have justbecome aware that Arc property Solicitors have been shut down. They conducted my conveyancing in Leiston for a purchase of a freehold house 10 months ago. How can I be sure that my home is not still registered in the name of the previous owner?

The quickest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Leiston conveyancing specialists.

I have been on the look out for a flat up to £305k and identified one round the corner in Leiston I like with amenity areas and railway links in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Leiston in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?

If you need a home loan the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.

We are 3 weeks into a residential purchase having been directed to solicitors by the local agent to do our conveyancing in Leiston. I am am starting to be dissatisfied with the quality of service. Could you you assist me in finding new conveyancers?

They would have to be very poor in order to consider diss instructing them. Has your mortgage offer been sent? In the event that it has you must make them aware of the new conveyancer and ensure the mortgage documents are re-sent. Your new solicitor ideally should be on the mortgage company panel to avoid supplemental charges and complications. That should be your first question of the new conveyancers. Our find a solicitor tool should help you find a bank approved conveyancer for your home move in Leiston

Last June I purchased a leasehold property in Leiston. Do I have any liability for service charges relating to a period prior to 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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

Leasehold Conveyancing in Leiston - A selection of Queries Prior to Purchasing

Is there a share of the freehold? It would be wise to investigate if the the lease includes any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Leiston. If you like the flatin Leiston but your cat can’t make the move with you then you will be faced difficult choice. Many Leiston leasehold apartments will have a service charge for maintenance of the building set on behalf of the landlord. Where you buy the flat you will have to pay this amount, normally periodically during the year. This could differ from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. In all likelihood there will be a ground rent for you to pay yearly, this is usually not a exorbitant amount, say about £50-£100 but you should to enquire it because occasionally it can be surprisingly expensive.