I am hoping to complete my purchase in Selsdon next Friday. My lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the bank expect the insurance 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 Selsdon.
I'm purchasing my first flat in Selsdon benefiting from help to buy. The developers would not reduce the price so I negotiated £7000 of additionals instead. The estate agent told me not reveal to my conveyancer about the extras as it will impact my mortgage with Nottingham Building Society. Do I keep my lawyer in the dark?.
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 CML website. CML 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.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Selsdon I like with amenity areas and station nearby, however it's only got 61 years on the lease. There is not much else in Selsdon in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Is there anything unique about your site and alternative online quote calculators for conveyancing in Selsdon?
At this site receive an accurate costs illustration from a Solicitor or Licensed Conveyancer that understands the issues of your conveyancing in Selsdon. As opposed to estate agents and many comparison sites we do not have referral deals with solicitors. Many agents and online brokers 'recommend' solicitors who pay the most commission, rather than the best value conveyancing in Selsdon
I own a leasehold flat in Selsdon. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Selsdon who acted for me is not around. Any advice?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Selsdon conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Despite our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Selsdon. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement case for a Selsdon residence is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case related to 6 flats. The number of years remaining on the existing lease(s) was 78.32 years.
How and when do I incur stamp duty chargeable for my Selsdon flat purchase?
Your solicitor should complete a Land Transaction Return Form on your behalf as part of your Selsdon purchase transaction for signature. On completion your solicitor will submit your STL application to the Tax Authorities and - assuming they have the money - pay any land tax liability on your behalf.