I am hoping to move into my new home in Wanstead 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 lender. 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 Part 2 requirements. These requirements are not unique to conveyancing in Wanstead.
Can your site be used to recommend a Conveyancing solicitor in Wanstead even where I’m not purchasing or selling a house, for instance where I intend to acquire a shop in Wanstead with a loan from Norwich and Peterborough Building Society?
Our search tool is mainly used to help choose residential conveyancing solicitors in Wanstead but we have set out at the end of this page a selection of Wanstead commercial conveyancing firms. You will need to make contact with the company directly to see if they are also authorised to represent Norwich and Peterborough Building Society
I have a decision in principle. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel solicitor as I would much rather instruct a Wanstead based conveyancing firm?
You should check but the the probability is that give you one of their panel lawyers where you accept the "fee-free" deal. Call the mortgage company and see if they allow a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Wanstead.
We are purchasing a victorian detached house in Wanstead. Our aim is to convert the garage to a playroom at the house.Will legal conveyancing on the property include investigations to see if these works are prohibited?
Your solicitor will check the registered title as conveyancing in Wanstead can sometimes identify restrictions in the title documents which prevent categories of changes or require the permission of a 3rd party. Certain works require local authority planning permissions and approval in compliance with building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be prudent to check these things with a surveyor before you commit yourself to a purchase.
I am buying a property in Wanstead. A rare aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Coventry BS your lawyer must follow the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and solicitors are required to report to Coventry BS where a lease does not comply with these conditions. The specifications relate to the installation of panels on properties nationwide and is not restricted to Wanstead.
Yorkshire BS have agreed my home loan in principle, my offer on a property in Wanstead has been accepted, what happens next?
The estate agent will need to be informed of your property lawyer's details (ensure that the conveyancers are on the lender’s panel). Telephone Yorkshire BS or the broker and finish off any outstanding forms. Yorkshire BS will instruct a valuer who will get in contact with the estate agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Yorkshire BS will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Wanstead.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Wanstead is where the house is located. Can you shed any light on this issue?
Flying freeholds in Wanstead are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wanstead you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wanstead may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am intending to let out my leasehold flat in Wanstead. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your previous Wanstead conveyancing lawyer is no longer around you can review your lease to see if it allows you to sublet the property. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you must obtain permission via your landlord or some other party prior to subletting. The net result is you not allowed to sublet in the absence of prior permission. Such consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I own a a ground floor purpose built flat in Wanstead. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
You certainly can. We are happy to put you in touch with a Wanstead conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Wanstead residence is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The unexpired term as at the valuation date was 73.92 years.