Due to complete my purchase in Maida Vale next Thursday. My 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 bank. What risks does the lender expect the insurance to cover?
All property lawyers 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 Part 2 conditions. These requirements are not limited to conveyancing in Maida Vale.
We note that you have a search directory listing law firms on the Santander conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Maida Vale?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Maida Vale.
We are buying a apartment in Maida Vale. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to deposit our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am the single recipient of my late grandmother’s will and I have everything in my name alone, including the house in Maida Vale. The Maida Vale property was put into my name in April. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship will be regarded the same way as though I had purchased the house in April. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. many banks would take a practical view as this provision chiefly exists to identify subsales or the quick reselling of property.
I am buying a property in Maida Vale. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Aldermore be concerned?
Given that your lender is Aldermore your lawyer must follow the formal instructions set out in Section 2 of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Aldermore where a lease fails to comply with these conditions. The conditions relate to the installation of panels on properties nationwide and is not restricted to Maida Vale.
I am buying my first flat in Maida Vale with a mortgage from Nationwide Building Society. The sellers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not to tell my lawyer about the side-deal as it will adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the guidance of my in-laws I had a survey completed on a house in Maida Vale before appointing lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some banks will refuse to grant a mortgage on such a property.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Maida Vale. Conveyancing will be smoother if you use a solicitor in Maida Vale especially if they regularly deal with such properties in Maida Vale.
I want to let out my leasehold apartment in Maida Vale. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Notwithstanding that your previous Maida Vale conveyancing solicitor is no longer around you can review your lease to see if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek permission from your landlord or some other party prior to subletting. This means that you cannot sublet without first obtaining consent. Such consent must not not be unreasonably withheld. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
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 matters? Can you recommend a Maida Vale conveyancing firm to represent me?
Absolutely. We can put you in touch with a Maida Vale conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Maida Vale residence is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 70.02 years.