I am obtaining a mortgage with Lloyds. My intention is to employ the services of a Licensed Conveyancer in Arundel. Does the Lloyds Conveyancing panel include Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
All was ready to move into my new home in Arundel next Monday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property 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 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 UK Finance Lenders’ Handbook instructions. These obligations are not specific to conveyancing in Arundel.
As I am unsure how the conveyancing process works what is the most important advice you can give me regarding purchase conveyancing in Arundel?
Not many law firms or advisers will tell you this but conveyancing in Arundel or throughout West Sussex is an adversarial process. Put another way, when it comes to conveyancing there exists plenty of opportunity for friction between you and others involved in the transaction. For example, the seller, property agent and on occasion your bank. Choosing a law firm for your conveyancing in Arundel is a critical decision as your conveyancer is your adviser, and is the ONLY party in the transaction whose interest is to look after your legal interests and to protect you.
On occasion a potential adversary will try and sway you that you should follow their advice. For instance, the property agent may claim to be assisting by claiming that your solicitor is slow. Or your financial adviser may advise you to do something that is against your lawyers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would prefer to instruct a specialised conveyancing solicitor in Arundel?
You should check but the the probability is that appoint one of their panel solicitors where you want the "fee-free" offer. Call the bank and explore if they make available a monetary alternative. Some banks have previously offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Arundel.
I have been pointed in your direction by a few property agents in Arundel to choose a property lawyer on your site. What’s the financial advantage for Estate Agents to promote your site over a competitor’s?
We don’t give any referral fee for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
In relation to leasehold conveyancing in Arundel what are the most frequent lease problems?
Leasehold conveyancing in Arundel is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain elements of the property
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Chelsea Building Society, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Arundel Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
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Be sure to enquire if there is anything that is prohibited in the lease. For instance it is very common in Arundel leases that pets are not permitted in in a block in Arundel. If you love the propertyin Arundel however your cat can’t make the move with you then you have a very hard determination. In the main the cost for major works are not included within service charges, although some managing agents in Arundel ask leasehold owners to contribute towards a sinking fund created for the specific purpose of establishing a fund for major works. It is important to be aware whether fixing the lift or some other major work is pending that will be shared between the leaseholders and will materially impact the level of the service fees or necessitate a specific payment.