I am hoping to move into my new home in Sidcup 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 mortgage company. 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 Part 2 requirements. These obligations are not limited to conveyancing in Sidcup.
I have a 4 bedroom Victorian house in Sidcup. Conveyancing solicitor acted for me and Birmingham Midshires. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to assess 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 Sidcup and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing practitioner who conducted the work.
About to purchase a new build apartment in Sidcup. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Sidcup
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I was recommended by a number of property agents in Sidcup to choose a solicitor using your seach tool. What’s the financial inducement for Estate Agents to promote your services ahead of another?
We don’t offer any financial incentive for pointing buyers and sellers our way. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Sidcup. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Sidcup ?
The majority of houses in Sidcup are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Sidcup so you should seriously consider looking for a Sidcup conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I own a ground flat in Sidcup. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
You certainly can. We can put you in touch with a Sidcup conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Sidcup residence 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 affected 1 flat.
Me and my wife have today had a bid accepted on our first home in Sidcup, and are about to get solicitors lined up. We have utilised the different rating tools and the quotes are from all over the England and Wales. Is it advisable to have a Sidcup lawyer local to the potential house? We are content to do everything over email, but I assume at some point we may need to attend the conveyancer's office to sign papers?
On the whole there is no need to attend the office of your solicitor, they can post any relevant papers to you, which you can sign and send back. Many buyers and sellers nevertheless opt to instruct a locally based solicitor, but it's by no means a prerequisite for conveyancing in Sidcup.