I am hoping to complete my purchase in Bow Street next Tuesday. 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 bank. What does the insurance need 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 conditions. These requirements are not limited to conveyancing in Bow Street.
Is there a reason why leasehold purchase conveyancing in Bow Street is more expensive?
The conveyancing charges for a leasehold premises in Bow Street is inevitably more expensive than on a freehold residence. This is because there is an amount of extra time required in dealing with the freeholder and management company to obtain evidence concerning whether the rent and maintenance fee have been discharged and whether there are any major works due in the foreseeable future on repairs or maintenance of the block.
I am helping my mother sell her house in Bow Street. Will the conveyancer order an energy assessment or it is for the owner to coordinate?
After the demise of Home Packs, EPC’s became a required part of selling a property. An energy performance certificate must be to hand in advance of the property being advertised. This is not something that lawyers ordinarily organise. If you are instructing a Bow Street conveyancing practitioner they may be willing to arrange energy performance certificates due to their relationships with reputable Bow Street energy assessors
A friend pointed out to me me that in purchasing a property in Bow Street there may be various restrictions preventing external changes to the property. Is this right?
We are aware of anumerous of properties in Bow Street which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Bow Street should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
After much negotiation I have agreed a price on an apartment in Bow Street. My mortgage broker pressured me to appoint their lawyer. I paid an advanced payment of £225. A few days later, the lawyer contacted me sheepishly admitting that they were not on the Skipton 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 Skipton 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.
We are downsizing from our home in Bow Street and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers are using an internet conveyancing outfit as opposed to a conveyancing solicitor in Bow Street. We have lived in Bow Street for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Are there restrictive covenants that are commonly identified during conveyancing in Bow Street?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Bow Street. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Our conveyancer in Bow Street has identified a a legal deficiency with the lease for the flat we are purchasing in Bow Street. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Bow Street conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with by the bank conveyancing panel who has to balance acting for you and the bank