I am hoping to move into my new home in Bow next Thursday. 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 risks does the mortgage company 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 UK Finance Lenders’ Handbook conditions. These requirements are not specific to conveyancing in Bow.
We are hoping to buy a newbuild apartment in Bow with a residential mortgage from Clydesdale.We use our Bow conveyancing practitioner but Clydesdale advised that his firm is not listed on their approved list of firms. We have to appoint a Clydesdale panel firm or retain our high street solicitor and pay for a Clydesdale panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Clydesdale use our lawyer?
No, not really. The home loan issued to you is subject to its terms and conditions, one of which will be that solicitors will be on the Clydesdale approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Clydesdale
My wife and I have a 4 bedroom Victorian house in Bow. Conveyancing practitioner represented me and Bank of Ireland. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold with the matching property. Is it worth asking Bank of Ireland to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be 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 Bow and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing practitioner who conducted the purchase.
How does conveyancing in Bow differ for newly converted properties?
Most buyers of new build premises in Bow approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Bow usually purchase the site, 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 property lawyers 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 Bow or who has acted in the same development.
I need to instruct a conveyancing solicitor in Bow for my house move. Can I check a solicitor's record with the profession’s regulator?
One can read presented Solicitor Regulator Association (SRA) determinations stemming from investigations from 2008 onwards. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The SRA may recorded telephone calls for training requirements.
Can you provide any top tips for leasehold conveyancing in Bow with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bow can be avoided where you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers’ conveyancers. If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate can be a time consuming formality and delays many a Bow home move. Where a reissued share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible. If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing. The majority of freeholders or managing agents in Bow levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Bow.
Notwithstanding our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Bow. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the sum to be paid.
An example of a Freehold Enfranchisement decision for a Bow premises is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.