Due to move into my new home in Clapton next Monday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. 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 instructions. These obligations are not specific to conveyancing in Clapton.
My father pointed out to me me that in buying a property in Clapton there could be a number of restrictions preventing external alterations to the property. Is this right?
We are aware of anumerous of properties in Clapton which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Clapton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Clapton solicitor firms on the Barclays conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Barclays conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel and in that case the organisation would be governed by the CLC.
I can not work out if my mortgage offer requires a lease extension. I have called into my local Clapton bank branch on a couple of occasions and was advised it wasn't a problem and they would lend. My Clapton conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the property lawyer is on the lender approved list, she or he must adhere to the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am purchasing a new build house in Clapton benefiting from help to buy. The developers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not to tell my lawyer about the deal as it would affect my loan with Santander. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Clapton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Clapton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Clapton 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 Clapton may decide 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 residence.
My company is hoping to take over a lease of an office on the high street. Can you recommend conveyancers offering no-move-no fees for non-domestic conveyancing in Clapton for under £1,200?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Clapton, including the sale and purchase of businesses as well as simply property. If you are intending to buy or lease a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right solicitor. As for the fees these will vary based on the structure and heads of terms of the deal. Let us have your contact information or telephone us so that we may furnish you with a detailed commercial conveyancing quote.
I am thinking of appointing a conveyancing practitioner in Clapton for my remortgage. Is it possible to check a firm’s record with the profession’s regulator?
Members of the public can find published Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Visit Check a solicitor's record. For information Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The SRA may recorded telephone calls for training requirements.