I am hoping to complete my purchase in Kensal Rise next Monday. 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 bank 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 instructions. These requirements are not limited to conveyancing in Kensal Rise.
I have todaybeen informed that Stirling Law have closed. They conducted my conveyancing in Kensal Rise for a purchase of a leasehold apartment 12 months ago. How can I check that my home is not still registered in the name of the former proprietor?
The easiest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kensal Rise conveyancing specialists.
How does conveyancing in Kensal Rise differ for newly converted properties?
Most buyers of new build premises in Kensal Rise come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because builders in Kensal Rise usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Kensal Rise or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Kensal Rise prior to retaining solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some banks may not grant a loan on this type of property.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kensal Rise. Conveyancing will be smoother if you use a solicitor in Kensal Rise especially if they are accustomed to such properties in Kensal Rise.
I need to instruct a conveyancing solicitor for purchase conveyancing in Kensal Rise. I have chance upon a site which looks to be the perfect offering If there is a chance to get all the legals done via email that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Kensal Rise. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Kensal Rise ?
The majority of houses in Kensal Rise are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Kensal Rise so you should seriously consider looking for a Kensal Rise conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Kensal Rise. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the premium.
An example of a Lease Extension decision for a Kensal Rise residence is 85A Chevening Road in August 2013. the Tribunals conclusions resulted in a payment of a premium for the new lease in the sum of £11,211 This case affected 1 flat. The unexpired term as at the valuation date was 84.34 years.