Due to complete my purchase in Bedford next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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 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 requirements. These obligations are not specific to conveyancing in Bedford.
we are a couple who are buying a newly converted flat in Bedford with a loan from Santander.We have a Bedford conveyancing solicitor but Santander says she’s not on their "panel". We have to appoint a Santander panel firm or keep our local solicitor and fork out for a Santander panel lawyer to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, one of which will be that solicitors must be on the Santander approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Santander
Can you help - my lawyer advises that chancel insurance is required on my purchase. What is the level of cover for Bedford conveyancing?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Coventry Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
Completion of my purchase has taken place for my property in Bedford. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I was told two weeks ago that my mortgage has been agreed to by Lloyds. Is it usual for Lloyds to only issue the offer once my solicitor in Bedford is approved on their conveyancing panel? Lloyds have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Bedford differ for new build properties?
Most buyers of new build property in Bedford contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Bedford usually buy the land, 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 conveyancers 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 Bedford or who has acted in the same development.
How easy is it to swap conveyancer as I have to select one who is on the Norwich and Peterborough Building Society conveyancing panel. I instructed a family conveyancing solicitor in Bedford round the corner but the firm is not accepted by Norwich and Peterborough Building Society
We will our best to assist in finding you a conveyancing solicitor in Bedford on the Norwich and Peterborough Building Society panel. Please note that the conveyancers that we list do not pay us commission if you instruct them and are regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Bedford. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Bedford.
Last April I purchased a leasehold flat in Bedford. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Bedford - A selection of Questions you should ask Prior to Purchasing
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Most Bedford leasehold properties will incur a service charge for maintenance of the building set by the management company. Where you acquire the apartment you will have to meet this contribution, normally in instalments during the year. This could vary from a few hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge for you to pay yearly, normally this is not a significant amount, say about £25-£75 but you need to check it because occasionally it could be prohibitively expensive. It is important to be aware whether changing the roof or some other significant cost is pending to be shared between the leaseholders and could well dramatically impact the level of the service fees or result in a specific payment. Are there any major works on the horizon that could add a premium to the maintenance fees?