All was ready to complete my purchase in Castle Eden next Monday. My conveyancing practitioner now wants me to supply her with proof 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 bank. What risks does the lender 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 Part 2 instructions. These requirements are not specific to conveyancing in Castle Eden.
I am thinking of remortgaging my home in Castle Eden, does my lawyer need to be on the Santander Solicitor panel?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
It has been four months since my purchase conveyancing in Castle Eden concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Castle Eden differ for new build properties?
Most buyers of new build residence in Castle Eden approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Castle Eden usually buy the real estate, 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 conveyancing solicitors 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 used to new build conveyancing in Castle Eden or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Castle Eden is the location of the property. Can you shed any light on this issue?
Flying freeholds in Castle Eden are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Castle Eden you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Castle Eden may ascertain 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 property.
My husband and I are first time buyers - agreed a price, yet the agent has warned us that the owners will only move forward if we appoint their recommended lawyers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a local solicitor who is accustomed to conveyancing in Castle Eden
It is highly unlikely the sellers are driving this. Should the vendor desire ‘a quick sale', alienating a serious buyer is is going to put the whole deal at risk. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you are going to appoint your preferred Castle Eden conveyancing lawyers - not the ones that will give the estate agent a introducer fee or meet his conveyancing thresholds set by senior management.