All was ready to move into my new home in Camden next Tuesday. 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?
All property lawyers on acting for mortgage companies 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 limited to conveyancing in Camden.
My lawyer in Camden is not on the Santander Approved Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are not on the Santander list of approved lawyers?
Your options are as follows:
- Carry on with your existing Camden solicitors but Santander will need to retain a lawyer on their panel. This will result in additional overall conveyancing charges and result in frustration.
- Choose a new solicitor to act in the conveyancing, obviously checking they are on the Santander panel
Despite weeks of looking the Title Certificate and documents to our property are lost. The solicitors who conducted the conveyancing in Camden 4 years ago have long since closed. What are my options?
In today’s world there are duplicates made of almost everything, and your lawyer will be aware precisely where to find all the appropriate documentation so you can purchase or sell your house without a hitch. Where duplicates are not available, your solicitor can put in place insurance or indemnities protecting you against future claims on your premises.
Due to the input of my in-laws I had a survey completed on a house in Camden ahead of appointing conveyancers. I have been informed that there is a flying freehold element to the property. My surveyor advised that some mortgage companies tend refuse to give a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Camden. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Camden to see if the conveyancing will be more expensive.
My brother has suggested that I appoint his lawyers for conveyancing in Camden. Do I follow his recommendation?
There are no two ways about it it’s preferable to find a conveyancing practitioner is to get feedback from friends or family who have actually previously instructed the firm that you are are thinking of instructing.
I am attracted to a couple of maisonettes in Camden both have in the region of 50 years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Camden is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Camden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Despite our best efforts, we have been unsuccessful in seeking a lease extension in Camden. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the amount due.
An example of a Lease Extension matter before the tribunal for a Camden flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case related to 1 flat. The unexpired residue of the current lease was 64.77 years.