Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Primrose Hill. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 1/12/2018, the requirements read as follows :
Should our lawyer be raising questions about flooding during the conveyancing in Primrose Hill.
Flooding is a growing risk for lawyers dealing with homes in Primrose Hill. Plenty of people will acquire a property in Primrose Hill, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of searches that may be initiated by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Primrose Hill. The standard information given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the seller to discover whether the property has suffered from flooding. If flooding has previously occurred which is not notified by the vendor, then a buyer could commence a compensation claim as a result of such an incorrect reply. The purchaser’s conveyancers may also commission an environmental search. This should indicate whether there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
I'm buying my first flat in Primrose Hill with a mortgage from Bank of Ireland. The developers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about the side-deal as it will impact my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
In my capacity as executor for the estate of my aunt I am selling a house in Neath but I am based in Primrose Hill. My conveyancer (who is 300 miles awayrequires that I execute a statutory declaration prior to the transaction finalising. Can you recommend a conveyancing practitioner in Primrose Hill who can attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are Primrose Hill based
Can you provide any advice for leasehold conveyancing in Primrose Hill with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Primrose Hill can be avoided where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers’ solicitors. You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. The majority of freeholders or managing agents in Primrose Hill levy fees for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Primrose Hill. A minority of Primrose Hill leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
Notwithstanding our best endeavours, we have been unsuccessful in negotiating a lease extension in Primrose Hill. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a Primrose Hill conveyancing firm who can help.
An example of a Lease Extension decision for a Primrose Hill property is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case affected 2 flats. The unexpired term was 16.83 and 16.43.