All was ready to complete my purchase in Highams Park next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the lender expect the insurance to cover?
Any lawyer 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 Highams Park.
When does exchange of contracts take place for sale conveyancing in Highams Park and do I need to be at the solicitors branch?
If you are near to one of the conveyancing solicitors in Highams Park you are invited in to sign contracts. However, the lender approved solicitors we recommend supply a countrywide conveyancing service and provide just as diligent and professional a job for you when dealing with you by post or email. The signing of the property agreement is not the important part. Signing on the dotted line is necessary for the solicitor to address the formalities 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 an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Highams Park)to be in the office at the appropriate time.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Aldermore Solicitor panel ahead of completing my conveyancing in Highams Park?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am buying my first flat in Highams Park with a mortgage from Halifax. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not inform my solicitor about this side-deal as it may adversely affect my mortgage with Halifax. 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 using a search engine for the phrase cheap conveyancing in Highams Park it reveals numerous solicitorsin the area. How do I determine which is the suitable conveyancer for purchase transaction?
The ideal method of finding the right conveyancer is via personal recommendation, so enquire of friends and relatives who have acquired a property in Highams Park or a respected estate agent or financial adviser. Costs for conveyancing in Highams Park vary, so it's a good idea to secure at least four costs illustrations from different solicitors. Make sure that you clarify that the costs are assured not to to be inflated.
I am looking at a two apartments in Highams Park which have about forty five years left on the leases. should I be concerned?
A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena.
Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Highams Park. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a Highams Park conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Highams Park property is 48 Greenleaf Road in December 2009. the lessees sought to exercise their right to purchase the freehold from the landlord by way of collective enfranchisement in accordance with the Leasehold Reform Housing and Urban Development Act 1993.The landlord could not be found.A vesting order was granted from the Bow County Court on 10 September 2007 (Claim No: 8BO04141). The Tribunal held that the premium to be paid was £3,850 This case related to 2 flats. The unexpired lease term was 104 years.