Due to move into my new home in Audley next Tuesday. My lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. 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 UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Audley.
When will exchange of contracts happen for sale conveyancing in Audley and do I need to be at the conveyancers branch?
If you are near to our conveyancing solicitors in Audley you are invited in to sign contracts. That being said, the lender approved solicitors we recommend supply a national conveyancing service and provide as equally comprehensive and professional a job for you when dealing with you electronically. The signing of the contract is not when everything is set in stone. A signed contract is necessary for the firm to officially exchange at the appropriate time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Audley)to be in the office at the appropriate time.
When it comes to lenders such as Co-operative, do Audley property lawyers face an annual charge to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
The mortgage over my property is with Santander for my property in Audley. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
Your original mortgage agreement with Santander will provide that you need their approval before renting your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel solicitor.
After much negotiation I have agreed a price on a house in Audley. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. Soon after, the lawyer called me to say that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I'm purchasing my first flat in Audley with the aid of help to buy. The builders would not budge the price so I negotiated 6k of fixtures and fittings instead. The sale representative told me not reveal to my solicitor about this extras as it would jeopardize my loan with the bank. Is this normal?.
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.
I need to retain a conveyancing solicitor for sale conveyancing in Audley. I happened to discover a site which looks to be the ideal solution If there is a chance to get all the legals completed via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
We have been informed by many friends that it can take 6-8 weeks for Audley conveyancing to complete.This was a month ago. The property information was only sent to my conveyancer last week so now does it countdown?
No definitive time frame exists for conveyancing in Audley. Conveyancing is subject to too much unpredictabilities. Audley conveyancing searches alone could take some weeks before they are received.