Due to move into my new home in Downe next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for lenders 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 requirements. These obligations are not limited to conveyancing in Downe.
Can you clarify what the consequences are if my solicitor is expelled from the Virgin Money Solicitor panel ahead of completing my conveyancing in Downe?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My wife and I purchased a terraced Edwardian house in Downe. Conveyancing solicitor acted for me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Downe and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing practitioner who completed the work.
Due to the input of my in-laws I had a survey completed on a property in Downe ahead of instructing lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some banks may refuse to grant a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Downe. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are new to the buying process - agreed a price, but the selling agent has warned us that the owners will only issue a contract if we appoint the agent's recommended lawyers as they want a ‘quick sale’. We would rather use a family solicitor used to conveyancing in Downe
It is unlikely the owners are behind this. Should the owner require ‘a quick sale', turning down a genuine buyer is is going to put the whole deal at risk. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you intend to use your preferred Downe conveyancing firm - not the ones that will earn the negotiator at the agency a kickback or achieve conveyancing thresholds set by senior management.
I see that you have a post code search directory listing law firms on the lender conveyancing panel. Do Downe conveyancing firms pay you a commission if I instruct them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the mortgage company conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Downe.