I am hoping to move into my new home in Barton under Needwood next Monday. My property lawyer now wants me to supply her with evidence 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 bank expect the insurance to cover?
All property lawyers 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 conditions. These obligations are not unique to conveyancing in Barton under Needwood.
What happens if my solicitor is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Barton under Needwood?
The first thing to point out is that, 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 at a cost.
The formalities of my purchase has taken place for my property in Barton under Needwood. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Barton under Needwood solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Barton under Needwood postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Barton under Needwood.
Leeds Building Society have agreed my mortgage in principle, my offer on a property in Barton under Needwood has been accepted, what happens next?
The estate agent will wish to know who your solicitors are (be sure the conveyancers are on the lender’s approved list). Call up Leeds Building Society or the broker and finish off any appropriate forms. Leeds Building Society will instruct a valuer who will get in contact with the selling agent or owners to book an appointment. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Leeds Building Society will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Barton under Needwood.
I own a semi-detached Georgian house in Barton under Needwood. Conveyancing practitioner acted for me and Leeds Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under the matching property. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Barton under Needwood and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing lawyer who completed the work.
How does conveyancing in Barton under Needwood differ for new build properties?
Most buyers of new build property in Barton under Needwood come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because builders in Barton under Needwood typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Barton under Needwood or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Barton under Needwood is the location of the property. Can you offer any assistance?
Flying freeholds in Barton under Needwood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Barton under Needwood you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barton under Needwood may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.