Due to move into my new home in Kingsland next Tuesday. 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 mortgage company. What does the insurance need 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 requirements are not limited to conveyancing in Kingsland.
We see that you have a post code search directory listing solicitors on the Barclays conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Kingsland?
We are a listing service only for law firms wishing to communicate if they are on the Barclays conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Kingsland.
I am buying a new build house in Kingsland with the aid of help to buy. The builders would not reduce the amount so I negotiated 6k of additionals instead. The house builders rep advised me not inform my conveyancer about the side-deal as it may affect my loan with the bank. Is this normal?.
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.
Due to the input of my in-laws I had a survey completed on a property in Kingsland prior to appointing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some banks may not issue a mortgage on such a home.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Kingsland. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kingsland to see if the conveyancing will be more expensive.
I am using a search engine for the words cheap conveyancing in Kingsland it reveals numerous solicitorsin the vicinity. How do I determine which is the right conveyancer for my move?
The ideal method of seeking a suitable conveyancer is via personal recommendation, so enquire of friends and those you trust who have bought a property in Kingsland or the local estate agent or financial adviser. Charges for conveyancing in Kingsland differ, so it's a good idea to obtain at least three estimates from different solicitors. Make sure that you clarify that the fees are fixed.
I am tempted by the attractive purchase price for a two flats in Kingsland both have in the region of fifty years left on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Kingsland is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kingsland conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
My wife and I have hit a brick wall in trying to purchase the freehold in Kingsland. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to calculate the price payable.
An example of a Lease Extension case for a Kingsland flat 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 affected 1 flat. The unexpired term was 80.5 years.