All was ready to complete my purchase in Bowes Park next Tuesday. 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 risks does the bank expect the insurance 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 conditions. These requirements are not limited to conveyancing in Bowes Park.
I moved into my home on 13 September and my personal details are still not registered. Any reason for this? My conveyancing solicitor in Bowes Park expressed confidence that it would be formalised inside ten days. Are properties in Bowes Park uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Bowes Park registration formalities. Rather than based on location, timeframes can differ according to the party submitting the application, whether there are errors and whether the Land registry communicate with any 3rd persons or bodies. Currently in the region of 80% of such applications are fully dealt with in less than three weeks but occasionally there can be longer hold-ups. Registration occurs after the purchaser has moved in to the premises so an expedited registration is not typically an essential issue yet where there is a degree of urgency associated with the registration then you or your solicitor should speak with the land registry and explain the circumstances.
I am purchasing a new build house in Bowes Park benefiting from help to buy. The builders would not budge the price so I negotiated £7000 of additionals instead. The sale representative advised me not inform my lawyer about this side-deal as it will jeopardize 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.
How can the Landlord & Tenant Act 1954 impact my commercial offices in Bowes Park and how can you help?
The 1954 Act gives a safeguard to business leaseholders, giving them the right to apply to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Bowes Park
Back In 2008, I bought a leasehold house in Bowes Park. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Bowes Park who acted for me is not around. Do I pay?
First contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Bowes Park conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the leaseholder of a two-bedroom flat in Bowes Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Most definitely. We can put you in touch with a Bowes Park conveyancing firm who can help.
An example of a Lease Extension case for a Bowes Park premises is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The unexpired lease term was 81.79 years.