Due to complete my purchase in Avery 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 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 UK Finance Lenders’ Handbook conditions. These obligations are not unique to conveyancing in Avery Hill.
Can you explain why leasehold purchase conveyancing in Avery Hill costs more?
The conveyancing fees for a leasehold property in Avery Hill is inevitably more expensive as compared to a freehold property. This is due to the additional work necessary in corresponding with the landlord and managing agents to obtain information concerning whether the rent and service charges have been cleared and whether there are any significant expenditure in the near future on repairs or maintenance of the block.
Me and my partner are purchasing a flat in Avery Hill. It might be a silly question but how we can trust a lawyer? On completion day we have to deposit money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Have just purchased a probate house at auction in Avery Hill. Conveyancing is required. What is next?
Having exchanged you must find a conveyancing practitioner soon as you are faced with a tight deadline in which to complete the conveyancing. All auction property should have a corresponding auction set of papers. This should include most,if not all of the paperwork that your lawyer requires. In the case of leasehold property the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You must pass this on to the solicitor working for you at the earliest opportunity. Do make sure that you have funds in place to complete the transaction on the set completion date.
Leeds Building Society have agreed my mortgage in principle, my bid on a property in Avery Hill has been agreed to, now what?
Your estate agent will wish to know who your solicitors are (be sure the lawyers are on the lender’s panel). Contact Leeds Building Society or your broker and finish off any outstanding documentation. Leeds Building Society will appoint a valuer who will get in touch with the selling agent or vendor to book an appointment. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Leeds Building Society will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Avery Hill.
Me and my brother have a 4 bedroom Edwardian house in Avery Hill. Conveyancing lawyer represented me and Chelsea Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Avery Hill and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing lawyer who conducted the purchase.
I am employed by a busy estate agency in Avery Hill where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Avery Hill conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
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. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
I am the proprietor of a ground-floor 1960’s flat in Avery Hill. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to make a decision on the price payable.
An example of a Lease Extension decision for a Avery Hill flat is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.
The conveyancing solicitors conducting our conveyancing in Avery Hill has forwarded documents to review that show the property is unregistered with epitome documents. Surely all properties in Avery Hill are registered?
Although the vast majorities of properties in Avery Hill are now registered with the Land Registry there are still some that are unregistered. Any property in Avery Hill that has been purchased since the late 1980’s will have been registered at the HM Land Registry under the compulsory ‘first registration’ scheme. However, if a Avery Hill property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Plenty of Avery Hill conveyancing practitioners should be capable of dealing with such matters but in the event that uncertainty exists the usual recommendation presently appears to be for the seller’s conveyancer to register the title first and thereafter deal with the disposal - this undoubtedly cause a significant delay.