All was ready to complete my purchase in Coven next Friday. My lawyer 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 lender. What risks does the bank 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 Coven.
Should our conveyancer be making enquiries concerning flooding as part of the conveyancing in Coven.
Flooding is a growing risk for conveyancers carrying out conveyancing in Coven. Some people will buy a property in Coven, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a various checks that can be carried out by the purchaser or by their conveyancers which will figure out the risks in Coven. The standard completed inquiry forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to discover if the premises has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the seller, then a purchaser may bring a legal claim for losses resulting from an incorrect reply. A buyer’s conveyancers should also conduct an environmental report. This will higlight whether there is a recorded flood risk. If so, further investigations should be carried out.
I am purchasing a new build house in Coven benefiting from help to buy. The builders would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not reveal to my lawyer about this deal as it may jeopardize my loan with the bank. 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Coven is the location of the property. Can you offer any assistance?
Flying freeholds in Coven are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Coven you would need to get your solicitor to go 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 Coven 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.
As co-executor for the will of my grandmother I am disposing of a residence in Cardiff but live in Coven. My lawyer (based 260 miles from mehas requested that I sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Coven to attest and place their company stamp on the document?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are Coven based
I see that you have a post code search directory listing firms on the bank conveyancing panel. Do Coven conveyancing firms pay you a referral fee if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Coven.