I am in the process of selling my maisonette in Collier Row and the estate agent has just called to say that the buyers are changing their property lawyer. The reason given is that the lender will only deal with property lawyers on their approved list. On what basis would a leading lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Collier Row ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
All was ready to move into my new home in Collier Row next Thursday. 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 lender. What does the insurance need to cover?
Any lawyer 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 requirements. These requirements are not limited to conveyancing in Collier Row.
I am buying a new build flat in Collier Row. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Collier Row
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Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I am looking for a leasehold apartment up to £195,000 and found one near me in Collier Row I like with open areas and transport links nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Collier Row for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Completion is due on our sale of a £350,000 apartment in Collier Row next week. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Collier Row?
Collier Row conveyancing on leasehold apartments normally necessitates administration charges raised by freeholders :
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Addressing pre-contract questions
Where consent is required before sale in Collier Row
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
My wife and I have hit a brick wall in seeking a lease extension in Collier Row. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Collier Row conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Collier Row property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.
Am in the process of purchasing my first home in Collier Row. Conveyancing practitioner already chosen. The financial consultant pointed out that a survey is not appropriate as the property was only constructed 22 years ago.
The bare minimum you need a Home Buyer's Report. As the premises was built more than a decade ago the property will not come with a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report may be sufficient. The report should highlight any obvious issues and recommend further investigation where appropriate. If there are any indications of material issues obtain a comprehensive Building Survey from the beginning.