I am hoping to complete my purchase in Clent next Friday. My property lawyer 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 does the insurance need 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 Part 2 instructions. These requirements are not specific to conveyancing in Clent.
We are selling our flat in Clent. Does my conveyancing practitioner have to be required to be on the Clydesdale conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Clydesdale conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
Can you point me to a directory of RBS panel solicitors in Clent on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association sites. Very few lenders make their panel listings available online. Where you are in need of a Clent property lawyer on the RBS please make the most of our facility.
It is not clear whether my bank requires a lease extension. I have called into my local Clent building society branch on a couple of occasions and was told it wasn't an issue and they will lend. My Clent conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend based on their published requirements. Who do I believe?
As long as the conveyancing practitioner is on the bank panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Having read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Clent solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Clent surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have recentlyfound out that Stirling Law have closed. They carried out my conveyancing in Clent for a purchase of a leasehold flat 18 months ago. How can I establish that the property is not still registered in the name of the previous owner?
The quickest method to check if the property is in your name, 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 Clent conveyancing specialists.
I am buying a new build house in Clent with a mortgage from Leeds Building Society. The sellers would not reduce the amount so I negotiated £7000 of extras instead. The house builders rep told me not reveal to my lawyer about the extras as it will put at risk my loan with Leeds Building Society. Should I keep quiet?.
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.
I am purchasing a house with all finances in place. I have provided solicitor with two separate forms of photographic identification, bank statement, multiple utility bills. Now he wants a copy from a probate lawyer advising that the money is in order and that it has come from inheritance and not dealing E's in Ibiza.
In today’s world you will not be able to complete any Clent conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Proof of your source of funds is required under Money Laundering laws.