Due to complete my purchase in County Durham next Tuesday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the lender expect the insurance to cover?
Any lawyer on acting for banks 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 obligations are not limited to conveyancing in County Durham.
Do all mortgage companies provide you with an approved list of County Durham conveyancing solicitors? How do you know who is on the Bank of Ireland conveyancing panel?
County Durham conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
We are selling our house in County Durham. Will the conveyancer have to be on the UBS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the UBS 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 conditions fairly frequently in recent years.
Is there a list of Bank of Ireland panel solicitors in County Durham on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association websites. Very few banks make their panel listings viewable over the internet. If you are looking for a County Durham property lawyer on the Bank of Ireland please use our tool.
I am selling my house. I had a double glazing fitted in March 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Virgin Money are being problematic. The County Durham solicitor who is on the Virgin Money conveyancing panel is recommending indemnity insurance as a solution but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told two weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in County Durham is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in County Durham I like with open areas and station in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in County Durham suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan that many years will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I have finally had an offer on an apartment in County Durham accepted, the owner does nevertheless have a tied purchase. The sellers have put an offer on somewhere, however it’s not yet tied up, and are looking at other properties in the pipeline. I have selected a nearby conveyancing solicitor in County Durham. What should be my next step? At what point should I apply for the mortgage with UBS?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then valuation, County Durham conveyancing search fees, etc). First, you must check that your conveyancing practitioner is on the UBS conveyancing panel. Concerning the next steps this very much depends on the specifics of your case, desire for this property and on the state of the market. During a buoyant market many home buyers would apply for a home loan with UBS and arrange for the survey and only if it comes back ok would they request their conveyancing practitioner to press on with searches.