All was ready to complete my purchase in Wembley next Friday. My solicitor 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 bank. What risks does the lender 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 Part 2 conditions. These requirements are not specific to conveyancing in Wembley.
I am purchasing a house and need a conveyancing solicitor in Wembley who is on the Barclays Direct approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barclays Direct in certain locations such as Wembley. We dont recommend any particular firm.
Will my lawyer be raising questions concerning flooding as part of the conveyancing in Wembley.
Flooding is a growing risk for conveyancers specialising in conveyancing in Wembley. Some people will purchase a house in Wembley, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Wembley. The standard information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to discover whether the property has suffered from flooding. In the event that the property has been flooded in past which is not revealed by the owner, then a buyer may bring a compensation claim stemming from an incorrect response. A buyer’s solicitors may also order an enviro search. This will reveal whether there is a recorded flood risk. If so, more detailed investigations should be made.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Wembley is the location of the property. What do you suggest?
Flying freeholds in Wembley are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wembley you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wembley may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
In my capacity as executor for the will of my grandfather I am disposing of a residence in Swansea but live in Wembley. My conveyancer (who is 235 miles awayrequires that I sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Wembley to witness this legal document for me?
strictly speaking you should not 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 Wembley based
I've recently bought a leasehold flat in Wembley. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up trying to purchase the freehold in Wembley. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Wembley conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Wembley residence is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case was in relation to 1 flat. The unexpired lease term was 74 years.