I am hoping to move into my new home in New Eltham next Friday. My conveyancing practitioner now wants me to supply her with evidence 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 mortgage company 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 requirements. These requirements are not unique to conveyancing in New Eltham.
It is is a decade since I bought my house in New Eltham. Conveyancing lawyers have just been instructed on the sale but I am unable to find the title deeds. Will this cause complications?
Don’t worry too much. First there is a possibility that the deeds will be with the lender or they could stored with the lawyers who acted in your purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in New Eltham involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
We are selling our apartment in New Eltham. Will the lawyer have to be on the Co-operative conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
This question may be naive but I am unseasoned as a first time purchaser of a garden flat in New Eltham. Do I pick up the keys to the house on completion from my solicitor? If so, I will find a local conveyancing solicitor in New Eltham?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the owner’s lawyers, and shortly after the monies have arrived, you will be invited to receive the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
Is it the case that all New Eltham CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing panel?
It is true that some banks and building societies now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
I am currently in the process of buying my council flat in New Eltham. I have a mortgage agreed with Nationwide. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
I have been on the look out for a leasehold apartment up to £305k and found one near me in New Eltham I like with a park and transport links in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in New Eltham suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £400,000 flat in New Eltham in nine days. The freeholder has quoted £360 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in New Eltham?
New Eltham conveyancing on leasehold maisonettes usually involves administration charges invoiced by management companies :
Addressing pre-contract questions
Where consent is required before sale in New Eltham
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in New Eltham. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a New Eltham conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a New Eltham property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.