I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Moorgate. My lender is Tesco Bank

Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 8/11/2024, the requirements read as follows :

When it comes to lenders such as Kent Reliance, do Moorgate lawyers have to pay a fee to be on the conveyancing panel?

We are unaware of any bank fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.

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

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

I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Moorgate solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?

Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Moorgate postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Moorgate.

Is it necessary to pay for insurance to address the risk of chancel repairs when buying a property in Moorgate?

Unless a previous acquisition of the premises completed after 12 October 2013 you could assume that solicitors handling conveyancing in Moorgate to remain recommending a chancel search and or insurance against a claim.

How does conveyancing in Moorgate differ for newly converted properties?

Most buyers of new build premises in Moorgate contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Moorgate usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Moorgate or who has acted in the same development.

I am a negotiator for a long established estate agent office in Moorgate where we see a few leasehold sales jeopardised due to short leases. I have received conflicting advice from local Moorgate conveyancing solicitors. Could you clarify whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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.

My wife and I have hit a brick wall in seeking a lease extension in Moorgate. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to calculate the price payable.

An example of a Lease Extension decision for a Moorgate property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired lease term was 72.39 years.