All was ready to move into my new home in Gerrards Cross next Friday. 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 mortgage company. What risks does the mortgage company 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 requirements. These obligations are not unique to conveyancing in Gerrards Cross.
How does conveyancing in Gerrards Cross differ for new build properties?
Most buyers of new build premises in Gerrards Cross contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Gerrards Cross tend to purchase 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 property lawyers 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 used to new build conveyancing in Gerrards Cross or who has acted in the same development.
I am looking for a ground for flat up to £305k and found one close by in Gerrards Cross I like with amenity areas and railway links in the vicinity, however it's only got 49 remaining years left on the lease. There is not much else in Gerrards Cross for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
As co-executor for the will of my uncle I am disposing of a house in Neath but reside in Gerrards Cross. My solicitor (who is 260 kilometers awayneeds me to execute a stat dec prior to completion. Could you suggest a conveyancing practitioner in Gerrards Cross who can attest this legal document for me?
Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are Gerrards Cross based
Do you have any advice for leasehold conveyancing in Gerrards Cross with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Gerrards Cross can be avoided if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ representatives. If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing. You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Gerrards Cross leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Where you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor in the first instance.
My wife and I have hit a brick wall in trying to purchase the freehold in Gerrards Cross. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a Gerrards Cross conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Gerrards Cross premises 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 related to 3 flats. The remaining number of years on the lease was 71 years.