I am hoping to move into my new home in Elephant and Castle next Thursday. My conveyancer now wants me to supply her with proof 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 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 requirements. These obligations are not limited to conveyancing in Elephant and Castle.
Completed the sale of my flat in Elephant and Castle last June yet the purchaser is texting me complaining that her lawyer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
Following your disposal your solicitor is duty bound to deliver the transfer documentation and all supplemental paperwork to the buyer’s solicitors. Where appropriate, your lawyer should also confirm that the legal charge in favour of the lender has been redeemed to the buyers conveyancers. There are no post completion requirements peculiar conveyancing in Elephant and Castle.
My wife and I have recently appointed a conveyancing solicitor in Elephant and Castle. I I would like to check whether they are accepted on the Skipton Building Society conveyancing panel. Can you advise?
The first thing you should do is call your lawyer and enquire if they can act for the lender. Alternatively you should call Skipton Building Society who may be able to help.
Just had an offer accepted on a new build flat in Elephant and Castle. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Elephant and Castle
-
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, no chain conveyancing. Elephant and Castle is the location of the property. Can you shed any light on this issue?
Flying freeholds in Elephant and Castle are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Elephant and Castle you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Elephant and Castle may determine 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 residence.
We are expecting to exchange on the purchase a house in Elephant and Castle but as a result of damage from the recent storms I have negotiated recompense from the owner of four thousand pounds in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process yet the bank will not agree to this. Should they have been approached?
Any lawyer being on the bank conveyancing panel is duty bound to advise the lender of any amendments to the sale amount. If you did not allow your solicitor to disclose the price change to your lender then they would need to disinstructing themselves from acting for you and the mortgage company.