I plan on buying a ground floor flat in Palmers Green. My Conveyancer is not on the bank solicitor list. Am I still permitted to appoint my Palmers Green conveyancing solicitor even though they are not on the mortgage company list of approved lawyers?
You have a number of alternatives available to you here
- Complete the deal with your existing Palmers Green conveyancing practitioner but your mortgage company will undoubtedly appoint a conveyancer on their conveyancing panel. This will result in additional cost and likely frustration.
- Choose a new solicitor to act in the purchase, obviously checking they are on the bank conveyancing panel.
- Convince your conveyancer to do everything possible to get listed on the mortgage company panel of solicitors
Due to complete my purchase in Palmers Green next Friday. 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 lenders 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 requirements are not specific to conveyancing in Palmers Green.
Will my lawyer be raising enquiries concerning flooding as part of the conveyancing in Palmers Green.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Palmers Green. Plenty of people will purchase a property in Palmers Green, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a various searches that can be carried out by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Palmers Green. The standard property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the owner to discover if the property has historically flooded. If the premises has been flooded in past and is not revealed by the seller, then a purchaser may bring a legal claim for losses stemming from an misleading answer. The purchaser’s lawyers should also carry out an environmental search. This will higlight if there is a recorded flood risk. If so, further inquiries will need to be carried out.
It has been four months following my purchase conveyancing in Palmers Green completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Palmers Green I like with open areas and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Palmers Green for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could 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 speak to your conveyancing lawyer concerning this.
As co-executor for the estate of my uncle I am selling a house in Neath but reside in Palmers Green. My lawyer (approximately 260 miles awayhas requested that I execute a statutory declaration before the transaction finalising. Could you suggest a conveyancing practitioner in Palmers Green who can 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 any notary public or qualified solicitor will suffice regardless of whether they are located in Palmers Green