Due to complete my purchase in Canonbury next Thursday. 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 bank. What risks does the mortgage company expect the insurance to cover?
All property lawyers 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 conditions. These obligations are not limited to conveyancing in Canonbury.
When can the exchange of contracts take place for domestic conveyancing in Canonbury and do I need to be at the solicitors branch?
Where you are round the corner to one of the conveyancing solicitors in Canonbury you are welcome to attend to sign contracts. However, the law practices we work with supply countrywide coverage for conveyancing and provide just as diligent and professional a job for you when dealing with you electronically. The signing of the contract is not the point of no return. Signing on the dotted line is just a prerequisite for the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Canonbury)to be in the office at the appropriate time.
I am buying a end of terrace house in Canonbury. The intention is to carry out an extension to the side at the property.Will the conveyancing process include enquiries to ascertain if these alterations were previously refused?
Your property lawyer will review the registered title as conveyancing in Canonbury will on occasion reveal restrictions in the title documents which prohibit categories of works or necessitated the consent of a 3rd party. Many works call for local authority planning permissions and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be prudent to check these issues with a surveyor prior to committing yourself to a purchase.
Last month we had a mortgage agreed in principle with HSBC. Canonbury conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from HSBC?
There is no definitive answer here. Have HSBC completed the survey? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I've read lots 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 Canonbury solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander 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 conveyancer 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 Canonbury postcode. As you are getting a mortgage with Santander, you could contact them to see if they have a list of approved surveyors in Canonbury.
What does a local search tell me about the property my wife and I purchasing in Canonbury?
Canonbury conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for example Xpress Legal The local search plays an important part in most Canonbury conveyancing purchase; as long as 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 premises (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 areas.
I am buying my first flat in Canonbury with a mortgage from Barnsley Building Society. The developers would not move on the amount so I negotiated £7000 of extras instead. The property agent told me not disclose to my conveyancer about the side-deal as it would affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am hoping to complete next month on a garden flat in Canonbury. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Canonbury should include some of the following:
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How long the lease is. You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark You need to be advised what constitutes a Nuisance as far as the lease is concerned Your lawyers should enable you to have an understanding of the building insurance obligations Where does the liability rest to repair and maintain the block. It is important for you to know which party is duty bound to repair and maintenance of all parts of the block and estate Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
We have reached the end of our tether in negotiating a lease extension in Canonbury. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Canonbury conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Canonbury property is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The unexpired lease term was 80.5 years.