I am hoping to complete my purchase in Cramlington next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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 UK Finance Lenders’ Handbook conditions. These requirements are not unique to conveyancing in Cramlington.
It is a dozen years since I acquired my house in Cramlington. Conveyancing lawyers have recently been appointed on the sale but I am unable to find the title documents. Will this cause complications?
You need not be too concerned. Firstly the deeds may be with your lender or they could still be with the conveyancers who handled the purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Almost all conveyancing in Cramlington involves registered property but in the unlikely event that your property is unregistered it is more tricky but is not insurmountable.
I happen to be the only recipient of my late father’s will with all property in now in my sole name, including the house in Cramlington. Conveyancing formalities meant that the Land Registry date was in December. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship will be regarded the same way as if I'd bought the property in December. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. Most lenders would take a practical view as this provision principally exists to capture subsales or the flipping of property.
We expect to receive a OIP from TSB this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do TSB recommend any Cramlington solicitors on the TSB conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Cramlington solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
I have decided to exercise my right to buy my property in Cramlington off the council. I have a mortgage agreed with Principality. 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 Principality, you will need to appoint a solicitor on the Principality conveyancing panel.
I have justfound out that Arc property Solicitors have closed. They conducted my conveyancing in Cramlington for a purchase of a leasehold flat 9 months ago. How can I check that the property is not still registered in the name of the previous owner?
The quickest way to check if the premises is in your name, you can carry out 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 Cramlington conveyancing specialists.
I am buying my first flat in Cramlington with a loan from Platform Home Loans Ltd. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent told me not reveal to my lawyer about this extras as it would impact my mortgage with Platform Home Loans Ltd. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
In my capacity as executor for the will of my aunt I am selling a residence in Cardiff but reside in Cramlington. My conveyancer (approximately 250 miles from meneeds me to sign a stat dec ahead of the transaction finalising. Could you suggest a conveyancing practitioner in Cramlington who can attest this legal document for me?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are based in Cramlington