All was ready to move into my new home in Bow next Thursday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the lender expect the insurance to cover?
All property lawyers 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 conditions. These requirements are not specific to conveyancing in Bow.
What will a local search reveal regarding the property my wife and I purchasing in Bow?
Bow conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations such as Xpress Legal The local search is essential in every Bow conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search should reveal 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.
About to purchase a new build apartment in Bow. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Bow
-
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I decided to have a survey completed on a property in Bow before instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some lenders tend not give a mortgage on such a house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bow to see if the conveyancing will be more expensive.
My husband and I are new to the buying process - had an offer accepted, but the estate agent informed us that the seller will only proceed if we appoint the agent's chosen conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a local conveyancer accustomed to conveyancing in Bow
It is highly unlikely the vendors are driving this. If they desire ‘a quick sale', alienating a serious buyer is not the way to achieve this. Speak to the owners direct and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you are going to appoint your own,trusted Bow conveyancing solicitors - as opposed tothe ones that will provide the negotiator at the agency a commission or achieve conveyancing figures pre-set by senior management.
There are only 62 years left on my lease in Bow. I need to extend my lease but my landlord is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the landlord. On the whole an enquiry agent may be helpful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Bow.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Bow. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Freehold Enfranchisement decision for a Bow premises is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.