All was ready to complete my purchase in Tower Hill next Tuesday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for lenders 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 requirements are not limited to conveyancing in Tower Hill.
When will exchange of contracts occur in purchase conveyancing in Tower Hill and am I required to attend the conveyancers office?
Where you are local to our conveyancing solicitors in Tower Hill you are welcome to come in to sign contracts. However, the firms we recommend provide countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when communicating with you by post or email. The executing of the purchase agreement is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the firm to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Tower Hill)to be in the office at the appropriate time.
Have completed on a a terraced house in Tower Hill , how long will it take for the Land Registry to record the transfer to my name? My Tower Hill conveyancing solicitor works at snail pace, so I want to be certain the registration is dealt with.
As far as conveyancing in Tower Hill registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can vary subject to who lodges the application, whether it is in order and whether the Land registry communicate with any interested parties. Currently in the region of 80% of such applications are fully dealt with in less than three weeks but some can be subject to extensive hold-ups. Historically registration takes place once the purchaser has moved in to the property so post completion formalities is not usually top priority yet if there is a degree of urgency associated with the registration then you or your conveyancer should contact the land registry and explain the circumstances.
I'm buying my first flat in Tower Hill with a mortgage from Barnsley Building Society. The developers would not reduce the amount so I negotiated £7000 of extras instead. The estate agent told me not reveal to my lawyer about this deal as it may affect my mortgage with Barnsley Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Am I better off to choose a Tower Hill conveyancing lawyer in close proximity to the house I am purchasing? I have an old university friend who can deal with the legal work but his firm is located 400kilometers drive away.
The benefit of a local Tower Hill conveyancing practice is that you can attend the office to sign paperwork, deliver your ID and apply pressure on them if necessary. Having local Tower Hill know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and on the whole were impressed that should surpass using an unknown Tower Hill conveyancing lawyer just because they are based in the area.
What advice can you give us when it comes to choosing a Tower Hill conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Tower Hill conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Tower Hill conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
What are the costs for lease extension work? How familiar is the firm with lease extension legislation?
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Tower Hill conveyancing firm to help?
Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the amount due.
An example of a Freehold Enfranchisement decision for a Tower Hill premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired lease term was 107 years.