Due to move into my new home in Eccleshall next Tuesday. My conveyancer now wants me to supply her with evidence 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 mortgage company. What risks does the lender expect the insurance to cover?
All property lawyers 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 requirements. These obligations are not limited to conveyancing in Eccleshall.
What does my ID and proof of funds have anything to do with my conveyancing in Eccleshall? Is this really warranted?
Eccleshall conveyancing solicitors and indeed property practitioners accross the UK have a duty under money laundering regulations to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of source of funds is also required in compliance with the money laundering regulations as lawyers have a duty to ensure that the funds you are utilising to acquire a property (be it the exchange deposit or the full purchase price if you are buying without a mortgage) has come from an acceptable source (such as employment savings) and is not the product of illegitimate activity.
I have been recommended a conveyancing solicitor in Eccleshall. I need to find out whether they are on the Birmingham Midshires approved list of lawyers. Could you assist?
The first thing to do is e-mail your conveyancer and enquire if they are on the lender panel. Alternatively please get in touch with Birmingham Midshires who may be able to assist.
A colleague suggested that if I am purchasing in Eccleshall I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Eccleshall conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Eccleshall around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Eccleshall Education with plans and statistics, Local Amenities and other useful data about Eccleshall.
five months have gone by following my purchase conveyancing in Eccleshall took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Am I best advised to use a Eccleshall conveyancing solicitor based in the vicinity that I am purchasing? We have a good friend who can deal with the legal formalities but his firm is located over three hundred miles drive away.
The primary upside of using a local Eccleshall conveyancing practice is that you can visit the firm to execute documents, deliver your ID and pester them if necessary. Having local Eccleshall know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and the majority were happy that should trump using an unfamiliar Eccleshall conveyancing lawyer solely due to them being local.