All was ready to move into my new home in Clapham next Tuesday. My lawyer now wants me to supply her with evidence 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?
Any lawyer 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 Part 2 conditions. These obligations are not specific to conveyancing in Clapham.
Can you explain why leasehold purchase conveyancing in Clapham is more expensive?
Clapham leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am buying my first flat in Clapham with a mortgage from Barclays . The builders refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not to tell my lawyer about this deal as it would jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the input of my in-laws I had a survey completed on a property in Clapham ahead of retaining solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will refuse to give a loan on this type of premises.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Clapham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Clapham to see if the conveyancing will be more expensive.
How do I identify a Clapham solicitor on the Barclays conveyancing panel? I drive a motor bike and am prepared to travel upto 25kilometers to meet the conveyancer.
You can use the facility on this website. Please pick a mortgage company and your location and you will see a number of Clapham conveyancing lawyers locally. We have listed some Clapham conveyancing firms towards the end of this page and you can call them to check whether they are on the Barclays panel
I am looking at a two flats in Clapham both have in the region of 50 years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Clapham. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
I am the leaseholder of a a ground floor purpose built flat in Clapham. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
Where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Freehold Enfranchisement case for a Clapham property is 23 Chelsham Road in May 2013. the Tribunal found that the sum of £13,870.00 was payable for the freehold following a vestig order having been granted by Swansea County Court dated 1st March 2013 This case related to 3 flats. The remaining number of years on the lease was 99 years.