Due to complete my purchase in East London 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 lender. What risks does the bank expect the insurance 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 UK Finance Lenders’ Handbook conditions. These obligations are not unique to conveyancing in East London.
Why do I have to pay up front for my conveyancing in East London?
Where you are retaining lawyers for conveyancing in East London your lawyer will ask you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this should be needed shortly ahead of exchange of contracts. The final balance that is needed should be sent to your lawyer a couple of days prior to the day of completion.
I am buying a right to buy a flat in East London. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in East London you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in East London.
Should commercial conveyancing searches disclose proposed roadworks that could affect a commercial land in East London?
Many commercial conveyancing solicitors in East London will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in East London. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in East London.
For every commercial conveyancing transaction in East London it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to East London commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in East London.
I purchased a semi-detached Edwardian property in East London. Conveyancing practitioner represented me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the exact same property. Is it worth asking Godiva Mortgages Ltd to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in East London and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing practitioner who carried out the work.
I am looking for a flat up to £235,500 and found one near me in East London I like with open areas and transport links in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in East London for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan that many years may be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.