Due to complete my purchase in Sydenham next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need 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 requirements are not unique to conveyancing in Sydenham.
We have a mortgage agreed in principle with Bank of Ireland. Sydenham conveyancing lawyers are appointed. How long does it take for Bank of Ireland to send the offer to the conveyancer?
Some lenders take longer than others. Have Bank of Ireland conducted the valuation? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I recently had an offer agreed on an apartment in Sydenham. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. Soon after, the solicitor called me sheepishly admitting that they were not on the Clydesdale conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Clydesdale panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Sydenham solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Sydenham postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Sydenham.
Will our solicitor be making enquiries regarding flooding as part of the conveyancing in Sydenham.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Sydenham. Plenty of people will purchase a property in Sydenham, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a number of checks that may be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Sydenham. The conventional set of property information forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to discover whether the property has suffered from flooding. In the event that the property has been flooded in past and is not revealed by the owner, then a purchaser may commence a compensation claim as a result of such an inaccurate reply. The purchaser’s conveyancers will also carry out an environmental report. This will disclose if there is a recorded flood risk. If so, additional inquiries should be initiated.
I have a renovated Edwardian house in Sydenham. Conveyancing practitioner represented me and Alliance & Leicester . I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the matching address. I thought I was buying a freehold how can I check?
You should 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Sydenham 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 position with the conveyancing lawyer who conducted the purchase.
How does conveyancing in Sydenham differ for new build properties?
Most buyers of new build residence in Sydenham come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Sydenham typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Sydenham or who has acted in the same development.
Can you offer any advice when it comes to finding a Sydenham conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Sydenham conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Sydenham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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What are the legal fees for lease extension work?
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Sydenham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Lease Extension case for a Sydenham property is Flat 5 4 Border Crescent in December 2013. the tribunal calculated that premium payable for the acquisition of a lease extension of the subject premises was in the sum of £14,900 (Fourteen thousand, nine hundred pounds). Those advising the applicant were advised to send a copy of the decision and a copy of the new lease with the premium (less the applicants costs as assessed by the Court) to the Croydon County Court (under claim number 3CR01226) for an officer of the Court to execute the new lease on behalf of the absentee landlord who is missing and cannot be traced). This case was in relation to 1 flat. The unexpired term as at the valuation date was 69 years.