All was ready to complete my purchase in Brompton next Monday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property 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?

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 limited to conveyancing in Brompton.

In what way does my ID and proof of funds have anything to do with my conveyancing in Brompton? Is this really necessary?

You are right in these requests have nothing to do with conveyancing in Brompton. Nowadays you will not be able to proceed with any conveyancing deal without first providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a council tax bill. Remember if you are supplying your driving licence as evidence of ID it needs to be both the paper part as well as the photo card part, one is not sufficient without the other.

Proof of your origin of funds is necessary under Money Laundering Regulations. Don’t be offended when when this is requested of you as your lawyer must retain this information on record. Your Brompton conveyancing solicitor will require evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask additional queries concerning the source of funds.

How does conveyancing in Brompton differ for new build properties?

Most buyers of new build property in Brompton approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Brompton typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Brompton or who has acted in the same development.

Jane (my partner) and I may need to sub-let our Brompton 1st floor flat temporarily due to taking a sabbatical. We instructed a Brompton conveyancing firm in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

A lease dictates the relationship between the landlord and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Brompton do not prevent subletting altogether – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

We have reached the end of our tether in trying to reach an agreement for a lease extension in Brompton. Can the Leasehold Valuation Tribunal adjudicate on premiums?

if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the price payable.

An example of a Lease Extension case for a Brompton residence is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case related to 1 flat. The unexpired lease term was 13.33 years.

I am just shy of a 10% deposit on my house purchase in Brompton , but I am anxious proceed. Do I have options?

One option is to try and accept a smaller deposit. Most property owners will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.

You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute