I am hoping to receive a mortgage with Lloyds. I hope to instruct a Licensed Conveyancer in Lyddington. Does the Lloyds Solicitor panel exclude conveyancers regulated by the CLC?

The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.

I am hoping to move into my new home in Lyddington next Monday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?

All property lawyers on acting for lenders 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 instructions. These obligations are not unique to conveyancing in Lyddington.

I am the registered owner of a freehold residence in Lyddington but nevertheless invoiced for rent, why is this and what is this?

It is rare for properties in Lyddington and has limited impact for conveyancing in Lyddington but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.

Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.

What will a local search reveal about the house we're purchasing in Lyddington?

Lyddington conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for instance Xpress Legal The local search plays an important role in most Lyddington conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search will supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.

What makes a Lyddington lease unmortgageable?

Leasehold conveyancing in Lyddington is not unique. All leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

A duty to insure the building A provision to repair to or maintain parts of the premises

You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

I bought a ground floor flat in Lyddington, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Lyddington with over 90 years remaining are worth £201,000. The ground rent is £45 yearly. The lease ends on 21st October 2091

With only 65 years left to run we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.