I am hoping to complete my purchase in Stamford Hill next Friday. 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 mortgage company expect the insurance 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 requirements. These requirements are not limited to conveyancing in Stamford Hill.
When does exchange of contracts occur in residential conveyancing in Stamford Hill and do I need to attend the conveyancers branch?
Where you are local to our conveyancing solicitors in Stamford Hill you are invited in to sign the paperwork. However, the lender approved solicitors we work with offer countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when communicating with you by post or email. The signing of the contract is not the important part. A signed contract is necessary for the conveyancer to exchange contracts at the appropriate time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Stamford Hill)to be in the office available at the end of the phone to exchange contracts.
When it comes to lenders such as Barclays, do Stamford Hill lawyers incur an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
How can we know in advance if a Stamford Hill conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Stamford Hill obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer handling your conveyancing.
I am selling my flat. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Nationwide are being difficult. The Stamford Hill solicitor who is on the Nationwide conveyancing panel is recommending indemnity insurance as a solution but Nationwide are requiring a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide 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.
Just acquired a terraced house in Stamford Hill , What is the estimated time for the Land Registry to record my ownership? My Stamford Hill conveyancing solicitor works at snail pace, so I want to be sure the post completion formalities are dealt with.
As far as conveyancing in Stamford Hill is concerned, registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can differ subject to who lodges the application, whether there are errors and whether the Land registry need to notify any other persons or bodies. As of today approximately three quarters of such applications are completed within 12 days but some can be subject to longer hold-ups. Historically registration is effected once the purchaser is living at the property so registration formalities is not typically top priority but where it is urgent that the the registration takes place urgently then you or your lawyers should contact the land registry and explain the circumstances.
How does conveyancing in Stamford Hill differ for newly converted properties?
Most buyers of new build premises in Stamford Hill contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because new home sellers in Stamford Hill usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stamford Hill or who has acted in the same development.
Due to exchange soon on a basement flat in Stamford Hill. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Stamford Hill should include some of the following:
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Does the lease require carpeting throughout thus preventing wood flooring? Advice as to the provision in the lease to pay service charges - in relation to the building, and the wider rights a tenant has Where does the liability rest to repair and maintain the main walls and foundations. It is essential that you know who is liable for the repair and maintenance of all parts of the block and communal areas You should know if the lease allows you to add or improve anything in the premises- you must know whether any restrictions applies to all alterations or limited to structural alteration, and whether consent is mandated necessary if lease caters for for a slush fund?
I have had difficulty in trying to purchase the freehold in Stamford Hill. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension case for a Stamford Hill flat is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case affected 1 flat. The unexpired residue of the current lease was 59 years.