All was ready to complete my purchase in Hersham next Friday. My solicitor 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 mortgage company. What does the insurance need to cover?
All property lawyers on acting for mortgage companies 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 Hersham.
Please explain the implications if my lawyer’s firm is removed from the Kent Reliance Solicitor panel ahead of completing my conveyancing in Hersham?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We previously selected conveyancers locally in Hersham on the Lloyds solicitor approved list. They have just invoiced me a further fee for the legal aspects of the Lloyds mortgage. Is this a supplemental conveyancing fee specified by Lloyds?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your lawyer may levy a fee for this. The fee is not dictated by Lloyds but by your Hersham conveyancing practitioner. Numerous firms on the Lloyds panel will levy an ‘acting for lender’ fee and others do not.
I am purchasing a property in Hersham. One unusual aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Aldermore your lawyer must follow the formal requirements set out in Section two of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Aldermore where a lease does not meet these conditions. The requirements relate to the installation of panels on properties in England and Wales and is not restricted to Hersham.
Our sealed bid on a property in Hersham has been agreed to, but there is a chain. The sellers have offered on a flat, but it’s not yet tied up, and are looking at other flats in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Hersham. What should be my next step? When should I get the mortgage application with Aldermore going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of one thousand pounds, then survey, Hersham conveyancing search charges, etc). First, you must ensure that your conveyancer is on the Aldermore conveyancing panel. As to the next stages this very much dictated by the specifics of your transaction, desire for this property and on the state of the market. During a buoyant market many purchasers will apply for a home loan with Aldermore and arrange for the valuation and only if it comes back ok would they ask their lawyer to proceed with searches.
Due to the encouragement of my in-laws I had a survey completed on a property in Hersham before retaining lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some lenders tend not give a loan on such a home.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. Should you wish to telephone us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hersham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hersham to see if the conveyancing costs will increase in light of this.
There are only 68 years unexpired on my flat in Hersham. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the lessor. On the whole a specialist would be helpful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Hersham.
After years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Hersham. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Hersham conveyancing firm who can help.
An example of a Lease Extension decision for a Hersham premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.