I am hoping to complete my purchase in Totteridge next Tuesday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
All property lawyers 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 requirements are not limited to conveyancing in Totteridge.
My bid for a property was accepted at auction in Totteridge. Conveyancing is necessary. What are my next steps?
Given that you are now to all intents and purposes signed on the dotted line you now have to choose a conveyancing lawyer soon as you are facing a fast approaching deadline in which to complete the deal. Every auction property will have a corresponding auction pack. This will include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the conveyancing papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You should hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that that you have the requisite funding organised to complete on the date specified in the contract.
I have a mortgage with Kent Reliance for my property in Totteridge. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Your original mortgage agreement with Kent Reliance will provide that you need their approval in advance of renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel lawyer.
I have instructed a Totteridge conveyancing practitioner having checked that they are on the Coventry BS conveyancing panel. Does my lawyer arrange the survey of the property?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Totteridge surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Various online forums that I have visited warn that are the number one cause of hinderance in Totteridge conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Totteridge.
About to purchase a new build apartment in Totteridge. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Totteridge
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
In my capacity as executor for the will of my father I am selling a property in Cardiff but I am based in Totteridge. My conveyancer (based 200 miles from merequires that I sign a stat dec prior to completion. Can you recommend a conveyancing lawyer in Totteridge who can attest and place their company stamp on the document?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are based in Totteridge
I am buying a maisonette and cash is in place. I have provided conveyancer with two distinct evidence of photo ID, bank statement, multiple utility bills. Now he needs a copy from a probate lawyer acknowledging that the funds are legitimate and that it has come from inheritance and not via illegitimate means.
In today’s world you will not be able to complete any Totteridge conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Establishing of your source of funds is required under Money Laundering Regulations.