Due to complete my purchase in West Barnes next Tuesday. 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 lender. What does the insurance need to cover?
Any lawyer 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 UK Finance Lenders’ Handbook requirements. These requirements are not unique to conveyancing in West Barnes.
It is 10 years ago since I bought my property in West Barnes. Conveyancing solicitors have recently been retained on the sale but I can't locate my deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be retained by your mortgage company or they may be archived with the solicitor who oversaw the purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. The vast majority of conveyancing in West Barnes relates to registered property but in the rare situation where your property is unregistered it is more tricky but is resolvable.
In reviewing mumsnet.com for an affordable solicitor in West Barnes, most post that I must use a CQS assured solicitor. What is CQS?
West Barnes Conveyancing Quality Scheme solicitors have obtained certification under the Law Society's Scheme (CQS) The Law Society introduced CQS to establish evidence of quality standards in the home legal process. CQS enables house movers to identify solicitor firms who provide a quality residential conveyancing. West Barnes is one of the many areas in England and Wales in which accredited firms are located. The scheme requires practices to undergo a strict assessment, compulsory training, self-reporting, random audits and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Building Societies Association.
How does conveyancing in West Barnes differ for new build properties?
Most buyers of new build or newly converted property in West Barnes contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in West Barnes typically purchase the real estate, 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 conveyancing solicitors 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 West Barnes or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in West Barnes I like with amenity areas and transport links in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in West Barnes in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I am employed by a busy estate agent office in West Barnes where we have experienced a number of flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local West Barnes conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in West Barnes. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to judgment on the amount due.
An example of a Lease Extension case for a West Barnes flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.