All was ready to complete my purchase in Merton Park next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the lender expect the insurance 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 Part 2 requirements. These requirements are not unique to conveyancing in Merton Park.
Is there a search tool that I can use to check that the solicitor conducting my conveyancing in Merton Park is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Yorkshire Building Society thus spending £192.00 in further legal fees.
Please do make use of the search tool on this web page. Please choose the lender and type ‘Merton Park’ or your location and you will be presented with a number of lawyer based in Merton Park or by proximity to you.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Merton Park?
Two types of professional can execute conveyancing in Merton Park namely CLC regulated conveyancers or solicitors. Both professionals administer the legal services that required to complete the sale or acquisition of property. Both are duty bound to conduct Merton Park conveyancing to the same standards and guidelines so you can be safe in the knowledge that your conveyancing will be properly conducted and that all necessary steps will be correctly attended to.
When it comes to mortgage companies such as TSB, do Merton Park solicitors incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I am selling my apartment. I had a double glazing fitted in August 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Virgin Money are being a right pain. The Merton Park solicitor who is on the Virgin Money conveyancing panel is recommending indemnity insurance as a solution but Virgin Money are insisting on a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I note that there are debates on Chancel Insurance on online forums. Do I require this when buying a residence in Merton Park? or I am told that there is an ancient law that means some house owners residing in a parish church boundary will be compelled to contribute towards maintenance to the chancel within the church. Is this appropriate for conveyancing in Merton Park?
Unless a previous acquisition of the premises took place post 12 October 2013 you can expect solicitors handling conveyancing in Merton Park to continue to propose a a chancel search and or chancel repair liability insurance.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Merton Park is the location of the property. What do you suggest?
Flying freeholds in Merton Park are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Merton Park you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Merton Park may determine 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.
I've recently bought a leasehold house in Merton Park. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Merton Park conveyancing firm to help?
Absolutely. We are happy to put you in touch with a Merton Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Merton Park residence is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The unexpired term was 62.94 years.