Due to move into my new home in North London 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 lender. What risks does the lender expect the insurance to cover?
Any lawyer 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 unique to conveyancing in North London.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather use a local conveyancing solicitor in North London?
You should check but the the probability is that give you one of their panel solicitors where you take up the "fee-free" offer. Contact the lender and explore if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near North London.
Due to the encouragement of my in-laws I had a survey completed on a property in North London in advance of appointing conveyancers. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies tend not grant a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. If you contact us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in North London. Conveyancing will be smoother if you use a solicitor in North London especially if they regularly deal with such properties in North London.
All being well we will complete the disposal of our £400,000 maisonette in North London in six days. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in North London?
North London conveyancing on leasehold apartments normally involves fees being raised by landlords agents :
Addressing conveyancing due diligence questions
Where consent is required before sale in North London
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I am the registered owner of a ground floor flat in North London. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
Where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a North London property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The unexpired residue of the current lease was 73.26 years.
We are soon to purchasing a flat in North London. Conveyancing is not over but we would like keep our purchase price a secret from the likes of Zoopla. How do I ensure this is not revealed?
HM Land Registry by statute are bound to reveal price sold information on the official title for residential properties nationwide including premises in North London. The Title Register is an open document, so HM Land Registry would be breaking the law excluded certain properties such as your one in North London.
In essence you can make a request of HM Land Registry to hide the price paid data however the response will be in the negative.