Due to move into my new home in Victoria Park next Monday. My property lawyer 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 bank. What risks does the bank expect the insurance 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 UK Finance Lenders’ Handbook conditions. These requirements are not specific to conveyancing in Victoria Park.
It has been 4 months following my purchase conveyancing in Victoria Park took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying my first flat in Victoria Park with the aid of help to buy. The sellers refused to move on the amount so I negotiated £7000 of extras instead. The estate agent advised me not to tell my solicitor about this extras as it may adversely affect my mortgage with the bank. Is this normal?.
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.
I'm remortgaging my existing home to a BTL loan with The Royal Bank of Scotland and intend to use the remaining equity towards a second house. The area we are looking at is Victoria Park. Will your solicitors be able to act for the two lenders and link together the two deals?
Do use our comparison tool on this page to be sure that the lawyers are approved by both banks. On the basis that they are the lawyer will be able to simultaneously deal with the two deals but you should have a chat with you lawyer and make apparent your expectations and requirements.
Jane (my partner) and I may need to sub-let our Victoria Park 1st floor flat for a while due to a new job. We instructed a Victoria Park conveyancing practice in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Victoria Park do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I invested in buying a studio flat in Victoria Park, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Victoria Park with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2101
You have 76 years left to run we estimate the premium for your lease extension to range between £7,600 and £8,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
I need to switch lawyers as my Victoria Park lawyer is not on the bank's approved list of conveyancing solicitors. How simple is it to change conveyancer?
If you haven't yet appointed a solicitor to commence the conveyancing and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Victoria Park that you're considering.