Due to move into my new home in Chadwell Heath next Friday. My lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the lender expect the insurance to cover?
Any lawyer 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 instructions. These obligations are not limited to conveyancing in Chadwell Heath.
It is is a decade since I bought my home in Chadwell Heath. Conveyancing lawyers have now been instructed on the sale but I can't track down the deeds. Is this a problem?
Don’t worry too much. First the deeds may be kept by your mortgage company or they may stored with the conveyancers who acted in your purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. The vast majority of conveyancing in Chadwell Heath involves registered property but in the rare situation where your home is not registered it is more of a problem but is not insurmountable.
I am currently in the process of buying my council flat in Chadwell Heath. I have a mortgage agreed with Aldermore. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
I currently have a mortgage with UBS for my property in Chadwell Heath. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
UBS must be informed of your intention prior to renting your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. It should not be necessary to do this via a UBS conveyancing panel solicitor.
At last I have had an offer on an apartment in Chadwell Heath accepted, the owners do however have an associated purchase. The vendors have placed an offer on on an apartment, but it’s not yet agreed to, and are looking at other flats booked. I have instructed a high street conveyancing solicitor in Chadwell Heath. What do I do now? When do I get the mortgage application with Principality started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Chadwell Heath conveyancing search costs, etc). First, you should ensure that your lawyer is on the Principality approved list. Regarding the subsequent stages this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. In a hot market some purchasers will apply for the mortgage with Principality and arrange for the valuation and only if it was satisfactory would they ask their solicitor to press on with the conveyancing in Chadwell Heath.
We are close to exchanging contracts on the sale of our home in Chadwell Heath and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. Any local conveyancer would know this is not the case. It does beg the question why the purchasers used a national conveyancing outfit as opposed to a conveyancing solicitor in Chadwell Heath. Having lived in Chadwell Heath for many years we know that this is a non issue. Do we get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You should enquire of 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 ailment)
I am purchasing my first flat in Chadwell Heath with a loan from Yorkshire Building Society. The developers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not reveal to my solicitor about the deal as it would jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, no chain conveyancing. Chadwell Heath is the location of the property. What do you suggest?
Flying freeholds in Chadwell Heath are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chadwell Heath you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chadwell Heath 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 property.