Due to complete my purchase in Barnes next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
Any lawyer 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 instructions. These requirements are not unique to conveyancing in Barnes.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Coventry BS Conveyancing panel ahead of completing my conveyancing in Barnes?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
It has been four months following my purchase conveyancing in Barnes concluded. I have checked the Land Registry site which shows that I paid £200,000 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.
Due to the guidance of my in-laws I had a survey completed on a property in Barnes in advance of appointing solicitors. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies will refuse to give a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you e-mail us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Barnes. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Barnes to see if the conveyancing costs will increase in light of this.
I am the proprietor of a second floor flat in Barnes. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Most certainly. We are happy to put you in touch with a Barnes conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Barnes flat is 25 Petley Road in February 2010. The Tribunal determined that the price payable for the freehold of the subject premises should be £18,760. This case affected 2 flats. The remaining number of years on the lease was 156.6 years and 66.6 years.
What makes a Barnes lease unacceptable for security purposes?
Leasehold conveyancing in Barnes is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Coventry Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.