All was ready to complete my purchase in Watford next Friday. My solicitor 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 risks does the lender expect the insurance to cover?
All property lawyers 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 instructions. These requirements are not limited to conveyancing in Watford.
Having sold my house in Watford last October but the buyer keeps telephoning every few hours complaining that his solicitor is waiting to hear from mine. What are the post completion sale legalities now that I have sold?
After completion of your disposal your conveyancer should send the transfer deeds and all additional paperwork to the purchaser's solicitors. Depending on the transaction, your lawyer must also send confirmation that the legal charge in favour of the lender has been redeemed to the buyers solicitors. There are no post completion formalities specific conveyancing in Watford.
Forgive me if this question is silly but I am new to the home moving as FTB of a two bedroom flat in Watford. Do I pick up the keys to the house on the completion date from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Watford?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s solicitors, and once they have received this, you will be called to receive the keys from the property Agents and start moving into the property. Usually this occurs early afternoon.
Is it the case that all Watford solicitor firms on the Virgin Money conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Virgin Money conveyancing panel they would need to be governed by the SRA. Some banks do list licenced conveyancers on their panel in which case such practice would be regulated by the Council of Licensed Conveyancers.
It is unclear whether my lender requires a lease extension. I have telephoned my Watford building society branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Watford conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend based on their specific requirements. I have no idea who is right.
As long as the solicitor is on the bank approved list, they must adhere to the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I purchased my flat on 9 January and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Watford advises it will be registered in less than a month. Are properties in Watford particularly slow to register?
There is nothing unique about conveyancing in Watford registration formalities. Rather than based on location, timeframes can differ depending on who lodges the application, whether it is in order and whether the Land registry have to notify any interested parties. As of today in the region of 80% of such applications are completed within 12 days but occasionally there can be longer delays. Registration is effected after the purchaser has moved in to the property therefore post completion formalities is not typically an essential issue yet where there is a degree of urgency associated with the registration then you or your solicitor should contact the land registry and explain the circumstances.
I'm buying a new build house in Watford benefiting from help to buy. The builders would not budge the price so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not reveal to my lawyer about this extras as it could impact my loan with the bank. Should I keep quiet?.
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.
Helen (my wife) and I may need to let out our Watford 1st floor flat for a while due to taking a sabbatical. We used a Watford conveyancing practice in 2001 but they have since shut and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease dictates relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Watford do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Watford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Watford conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Watford flat is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The number of years remaining on the existing lease(s) was 71 years.