All was ready to complete my purchase in Harringay next Monday. My property lawyer now wants me to supply her with evidence 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 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 requirements. These obligations are not limited to conveyancing in Harringay.
We're in Harringay, FTBs purchasing with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I purchasing a 3 bedroom semi in Harringay. We would like to convert the garage to an office at the house.Will the conveyancing process include enquiries to determine if these works are permitted?
Your solicitor will check the registered title as conveyancing in Harringay can on occasion identify restrictions in the title documents which prohibit categories of works or require the permission of another owner. Some extensions need local authority planning permissions and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these issues with a surveyor prior to committing yourself to a purchase.
When it comes to lenders such as Yorkshire BS, do Harringay solicitors incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I recently had an offer agreed on a house in Harringay. My financial adviser suggested a property lawyer. I paid an upfront payment of £150. A few days later, the property lawyer called me to say that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I need some expedited conveyancing in Harringay as I am under an ultimatum to sign on the dotted line inside 2 weeks. A home loan is not required. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are not taking a home loan you have the choice not to have searches conducted although no lawyer would advise that you don't. With lots of history conveyancing in Harringay the following are instances of what can arise and therefore impact the marketability of the property: Enforcement Notices, Overdue Fees, Outstanding Grants, Unadopted Roads,...
I have been on the look out for a flat up to £195,000 and identified one near me in Harringay I like with amenity areas and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Harringay in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Last June I purchased a leasehold flat in Harringay. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Harringay conveyancing firm to help?
Where there is a absentee 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 decide the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Harringay residence is 37 St. Margarets Avenue in January 2010. Following a vesting order by Edmonton County Court on 8th November 2008 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £20,543 This case related to 2 flats. The unexpired term was 74.75 years.