I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in East Barnet. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 18/9/2019, the requirements read as follows :
Should our solicitor be asking questions about flooding during the conveyancing in East Barnet.
The risk of flooding is if increasing concern for lawyers dealing with homes in East Barnet. There are those who acquire a house in East Barnet, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a numerous checks that may be undertaken by the purchaser or by their lawyers which can figure out the risks in East Barnet. The conventional set of information sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to discover whether the property has ever been flooded. If flooding has previously occurred and is not revealed by the owner, then a purchaser could issue a legal claim for losses resulting from an incorrect reply. A purchaser’s lawyers should also commission an enviro report. This should reveal if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
How does conveyancing in East Barnet differ for newly converted properties?
Most buyers of new build or newly converted property in East Barnet approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because builders in East Barnet tend to buy the real estate, 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 East Barnet or who has acted in the same development.
How do I search for a East Barnet solicitor on the Britannia conveyancing panel? I am a keen cyclist and am prepared to travel upto 20miles to meet the lawyer.
Feel free to make use of the facility on this page. Please select a bank and your location and you will see a number of East Barnet conveyancing lawyers located nearest you. We have detailed some East Barnet conveyancing firms at the bottom of this page and you can call them to verify if they are on the Britannia approved list
My husband and I are a fortnight into a leasehold purchase having been directed to a firm by the high street agent to do our conveyancing in East Barnet. I am am very disappointed with the level of service. Could you help me find new solicitors?
They would have to be really poor to suggest replacing them. Has your loan offer been sent? In the event that it has you will need to advise them of the replacement conveyancer and have the mortgage documents are issued to the new lawyers. The conveyancer needs to be on the banks approved list to avoid supplemental charges and complications. That should be your starting point. Our find a solicitor tool will assist you in finding a bank approved conveyancer for your conveyancing in East Barnet
Do you have any advice for leasehold conveyancing in East Barnet with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in East Barnet can be avoided where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors. The majority of landlords or managing agents in East Barnet charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in East Barnet. If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved. You believe that you know the number of years remaining on your lease but you should verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a East Barnet conveyancing firm to help?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price.
An example of a Freehold Enfranchisement decision for a East Barnet property is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The unexpired lease term was 70.31 years.