All was ready to move into my new home in Merton next Friday. My property lawyer now wants me to supply her with proof of content and building insurance for the property 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?
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 instructions. These requirements are not specific to conveyancing in Merton.
How up to date is your database of Merton solicitors on the Nottingham conveyancing panel? Do Nottingham send you an updated list?
Merton conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
is it true that all Merton solicitor firms on the Leeds Building Society conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of mortgage companies do permit licenced conveyancers on their panel and in such a situation the practice would be governed by the Council of Licensed Conveyancers.
The formalities of my remortgage has taken place for my property in Merton. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I can not fathom if my bank requires a lease extension. I have called my Merton bank branch on numerous occasions and was told it wasn't a problem and they would lend. My Merton conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the lawyer is on the mortgage company panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Merton is where the house is located. Can you offer any opinion?
Flying freeholds in Merton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Merton you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Merton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
As co-executor for the estate of my grandmother I am disposing of a property in Neath but live in Merton. My conveyancer (who is 200 miles awayneeds me to execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing practitioner in Merton to witness and place their company stamp on the document?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are Merton based
I have just appointed agents to market my garden flat in Merton. Conveyancing has not commenced, however I have just received a quarterly service charge invoice – Do I pay up?
It best that you clear the invoice as usual because all ground rent and maintenance invoices should be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a 2 bed flat in Merton, conveyancing formalities finalised in 2006. Can you work out an approximate cost of a lease extension? Similar flats in Merton with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2088
With 62 years remaining on your lease we estimate the price of your lease extension to range between £17,100 and £19,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.