Due to complete my purchase in Cockfosters next Tuesday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the lender expect the insurance to cover?
All property lawyers on acting for lenders 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 requirements are not limited to conveyancing in Cockfosters.
This question may be naive but I am unexperienced as FTB of a two bedroom flat in Cockfosters. Do I receive the keys to the premises on the completion date from my lawyer? If so, I will appoint a High Street conveyancing solicitor in Cockfosters?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the seller's conveyancers, and shortly after the monies have arrived, you should be able to pick up the keys from the property Agents and move into your new home. Usually this occurs early afternoon.
It is unclear whether my lender requires a lease extension. I have telephoned my Cockfosters bank branch on numerous occasions and was told they are content with the situation and they would lend. My Cockfosters conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
The property lawyer has to comply with the Council of Mortgage Lenders’ Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Skipton have agreed my mortgage in principle, my bid on a flat in Cockfosters has been agreed to, what happens next?
Your property agent will wish to know who your solicitors are (make sure the lawyers are on the lender’s panel). Call up Skipton or the broker and complete any relevant documentation. Skipton will instruct a valuer who will get in contact with the estate agent or owners to book a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Skipton will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Cockfosters.
It has been five months since my purchase conveyancing in Cockfosters concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a leasehold apartment up to £305k and identified one near me in Cockfosters I like with a park and transport links in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Cockfosters in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be problematic. Reduce the offer by the amount the 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 could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
My cousin has suggested that I instruct his conveyancing solicitors in Cockfosters. Should I find my own property lawyer?
Much as we are happy to recommend a Cockfosters conveyancing lawyer the best way to choose a conveyancing solicitor is to seek feedback from friends or relatives who have actually previously instructed the solicitor that you are contemplating using.
Are you able to explain what options are open to me if my Cockfosters conveyancing searches shows negative results?
Normally, almost all problems that arise in Cockfosters conveyancing search responses can be dealt with prior to completion or indemnity insurance may be put in place. You need to note that even though you are purchasing the premises and may be willing to live with the search results, your building society or bank may not, and ultimately the decision rests with them.