I am hoping to move into my new home in Bishops Castle next Monday. 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 lender. What risks does the bank expect the insurance 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 UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Bishops Castle.
It is 10 years ago since I bought my property in Bishops Castle. Conveyancing solicitors have now been retained on the sale but I am unable to track down the deeds. Will this cause complications?
Don’t worry too much. First the deeds may be with your lender or they could be in the possession of the conveyancers who acted in the purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Most conveyancing in Bishops Castle involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
Do I need to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Bishops Castle so that I can pop in to their offices when needed.
As opposed to ten years ago, almost all lenders no longer need their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to hand over ID documents and there are still manifest advantages to using a local solicitor, in your case a conveyancing solicitor in Bishops Castle.
A relative advised me that where I am purchasing in Bishops Castle I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Bishops Castle conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Bishops Castle around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information about Bishops Castle.
I have recentlybecome aware that Stirling Law have closed. They conducted my conveyancing in Bishops Castle for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is not still registered in the name of the previous owner?
The quickest method to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bishops Castle conveyancing specialists.
My husband and I plan to purchase our 1st property in Bishops Castle. Conveyancing lawyer has been instructed. The financial consultant pointed out that a survey is not needed as the property was only constructed in 2001.
At the very least you should have a Home Buyer's Report. Given the premises is more than ten years old the property will not come with a warranty, so you would be well advised not to take a risk. For a property that age with no signs of problems a Home Buyer's report could suffice. They will highlight any obvious issues and recommend additional investigation if relevant. Where there are any signs of problems seek a full structural survey.