I am hoping to move into my new home in Bounds Green 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 bank. 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 instructions. These obligations are not limited to conveyancing in Bounds Green.
I appreciate that there are debates on Chancel Insurance on online forums. Do I need this when purchasing a house in Bounds Green? or Apparently there is a law dating back centuries that could mean that house owners residing in a parish church boundary will be compelled to pay for maintenance to the chancel in proximity to the church. Is this applicable for conveyancing in Bounds Green?
Unless a previous purchase of the house completed after 12 October 2013 you can take it that lawyers handling conveyancing in Bounds Green to continue to propose a a chancel search and or chancel repair liability policy.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Bounds Green is where the house is located. Can you offer any assistance?
Flying freeholds in Bounds Green are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bounds Green you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bounds Green 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 premises.
Should I choose a Bounds Green conveyancing solicitor who is local to the property I am purchasing? I have an old university friend who can conduct the legal work however his firm is located 400miles drive away.
The primary upside of using a local Bounds Green conveyancing firm is that you can attend the office to sign documents, deliver your ID and pester them where appropriate. They will also have local insight which is a bonus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and in the main were content that must surpass using an unknown Bounds Green conveyancing lawyer solely due to them being round the corner.
Do you have any top tips for leasehold conveyancing in Bounds Green with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Bounds Green can be avoided where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors. Many freeholders or managing agents in Bounds Green charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Bounds Green. If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled. If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Bounds Green state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you dont have the paperwork to hand you should not communicate with the landlord without checking with your lawyer first.
Having spent months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Bounds Green. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to determine the price.
An example of a Lease Extension matter before the tribunal for a Bounds Green property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The unexpired lease term was 81.79 years.
Me and my fiance are expecting to exchange on the purchase a property in Bounds Green but as a consequence of damage from the recent storms I have negotiated compensation from the owner of £2k in the form of a adjustment in the price. This was going to be addressed as part of the conveyancing process but my mortgage company will not permit this. Should they have been informed?
Your lawyer being on a mortgage company approved list is obliged to advise the mortgage company of any changes to the purchase figure. In the event that you prohibit your conveyancer to report the reduction to your bank then they would have to refrain from acting for you and the mortgage company.