I am hoping to complete my purchase in Brentwood next Monday. 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 bank. What does the insurance need 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 Part 2 requirements. These obligations are not specific to conveyancing in Brentwood.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Yorkshire BS Solicitor panel ahead of completing my conveyancing in Brentwood?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am assisting my sister sell her property in Brentwood. Does the solicitor arrange the energy assessment or should I organise this?
Following the demise of Home Packs, energy assessments was maintained a mandatory component of moving house. An EPC needs to be commissioned in advance of the property being put on the market. This is not something that solicitors normally arrange. If you are using a Brentwood conveyancing solicitor they might be willing to arrange energy performance certificates given their relationships with reputable Brentwood assessors
I am expecting a OIP from RBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Brentwood solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Brentwood solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Brentwood lawyer on the Principality panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I am looking for a flat up to £245,000 and found one close by in Brentwood I like with amenity areas and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Brentwood in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan that many years will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I own a leasehold flat in Brentwood. Conveyancing and HSBC Bank mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Brentwood who acted for me is not around. Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Brentwood conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
We have reached the end of our tether in seeking a lease extension in Brentwood. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the premium.
An example of a Lease Extension decision for a Brentwood premises 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.
Our solicitor in Brentwood has uncovered a a problem with the lease for the flat we are purchasing in Brentwood. The other side have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.