Due to move into my new home in Mayfair 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 lender. What does the insurance need to cover?
Any lawyer 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 instructions. These obligations are not limited to conveyancing in Mayfair.
The Mayfair conveyancing solicitors that I appointed last week on my house acquisition in Mayfair have without warning shut down. I only went with them because I had to have a firm on the Skipton conveyancing panel and my previous Mayfair lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Skipton conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
I have todaybecome aware that Stirling Law have closed. They conducted my conveyancing in Mayfair for a purchase of a freehold house 12 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The easiest way to see if the premises is registered to you, you can make 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 Mayfair conveyancing specialists.
I'm buying a new build house in Mayfair with a mortgage from Nationwide Building Society. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The house builders rep told me not reveal to my lawyer about this extras as it could 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.
I was advised by a number of selling agents in Mayfair to locate a conveyancer on your site. What’s the financial advantage for Estate Agents to market your services over alternative conveyancing organisations?
We refuse to make any financial incentive for sending work to this site. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
Having had my offer accepted I require leasehold conveyancing in Mayfair. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Mayfair - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Mayfair conveyancing firm to act on my behalf?
if 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 determine the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Mayfair premises is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case was in relation to 1 flat. The remaining number of years on the lease was 21 years.