Due to move into my new home in Oval next Monday. 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 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 conditions. These obligations are not limited to conveyancing in Oval.
Having sold my house in Oval last December but our buyer keeps texting daily to say her solicitor needs to hear from myconveyancer. What should my lawyer have done following completion?
Following your house sale your lawyer is obliged to send the transfer documentation and all supplemental paperwork to the buyer’s lawyers. If applicable, your solicitor should also send confirmation that the legal charge in favour of the lender has been redeemed to the buyers lawyers. There is unlikely to be post completion procedures peculiar conveyancing in Oval.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a residence in Oval?
Unless a previous purchase of the house took place post 12 October 2013 you may take it that conveyancing practitioners carrying out conveyancing in Oval to continue to advocate a chancel search and or chancel repair liability policy.
I have been on the look out for a flat up to £235,500 and identified one close by in Oval I like with open areas and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Oval for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
My husband and I are novice buyers - had an offer accepted, yet the selling agent advised that the seller will only move forward if we instruct their chosen solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Oval
We suspect that the seller is not behind this ultimatum. Should the owner require ‘a quick sale', alienating a genuine purchaser is going to damage their objectives. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to use your own,trusted Oval conveyancing solicitors - as opposed tothe ones that will provide the estate agent a referral fee or achieve conveyancing figures pre-set by corporate headquarters.
Back In 2005, I bought a leasehold house in Oval. Conveyancing and Chelsea Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Oval who previously acted has long since retired. Do I pay?
First contact HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Oval conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Oval conveyancing firm to help?
Absolutely. We can put you in touch with a Oval conveyancing firm who can help.
An example of a Lease Extension case for a Oval residence is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case related to 1 flat. The number of years remaining on the existing lease(s) was 74.77 years.