I am hoping to move into my new home in North Finchley 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 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 instructions. These obligations are not specific to conveyancing in North Finchley.
Do all mortgage companies provide you with an approved list of North Finchley conveyancing solicitors? How do you know who is on the Aldermore conveyancing panel?
North Finchley conveyancing firms themselves provide us confirmation that they are on the Aldermore conveyancing panel as opposed to being supplied with a list from Aldermore directly.
My wife and I have recently appointed a conveyancing solicitor in North Finchley. I I would like to check if they are accepted on the Halifax conveyancing panel. Could you advise?
The first thing you should do is e-mail your lawyer and enquire whether they can act for the bank. Alternatively you can call Halifax who may be able to confirm.
I'm purchasing a new build house in North Finchley with a loan from Birmingham Midshires. The sellers would not reduce the amount so I negotiated 6k of extras instead. The house builders rep advised me not to tell my lawyer about this deal as it would affect my loan with Birmingham Midshires. 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 UK Finance website. UK Finance 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 pointed in your direction by numerous estate agents in North Finchley to locate a property lawyer on your site. What’s the financial incentive for Estate Agents to market your services rather than alternative conveyancing organisations?
We don’t give any referral fee for pointing buyers and sellers our way. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I am employed by a long established estate agent office in North Finchley where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local North Finchley conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Notwithstanding our best endeavours, we have been unsuccessful in seeking a lease extension in North Finchley. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a North Finchley conveyancing firm who can help.
An example of a Lease Extension decision for a North Finchley property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The remaining number of years on the lease was 76 years.