All was ready to move into my new home in Hadley Wood next Tuesday. My property lawyer 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 lender. What risks does the bank expect the insurance to cover?
Any lawyer 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 specific to conveyancing in Hadley Wood.
What does my ID and proof of funds have anything to do with my conveyancing in Hadley Wood? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing business. The Terms of Engagement that you need to sign should confirm this. Your lender will also require certain documents to be checked. Where you are unwilling to supply ID verification documents, your lawyer will not be able to take you on as a client.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in Hadley Wood I like with amenity areas and station nearby, however it only has 51 years on the lease. I can't really find anything else in Hadley Wood in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Taking into account that I will soon part with hundreds of thousands of pounds on a two bedroom apartment in Hadley Wood I would like to have a conversation with the conveyancer concerning thehouse move prior to appointing the firm. Is this something that you can arrange?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer due to be carrying out your conveyancing in Hadley Wood.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter reference. The practices that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Hadley Wood should be the amount on the final invoice that you end up paying.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Hadley Wood. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Hadley Wood ?
The majority of houses in Hadley Wood are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Hadley Wood in which case you should be looking for a Hadley Wood conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Hadley Wood conveyancing firm to represent me?
in cases where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the premium.
An example of a Lease Extension matter before the tribunal for a Hadley Wood premises is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The remaining number of years on the lease was 76 years.
My partner and I are looking at buying our first property in Hadley Wood. Can you suggest a cheap Hadley Wood solicitor that can act for us as well as act for Principality?
LenderPanel.com is restricted to being a directory service for solicitors who wish to be listed as being on the approved conveyancing panel for Principality in certain locations for instance Hadley Wood . Our intention is not to recommend any particular property lawyer.