Due to move into my new home in Elmswell next Tuesday. 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 bank. What risks does the bank 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 conditions. These requirements are not unique to conveyancing in Elmswell.
I had a mortgage agreed in principle with Nottingham. Elmswell conveyancing solicitors are instructed. How long does it take for Nottingham to forward the offer to the lawyer?
There is no definitive answer here. Have Nottingham conducted the survey? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have a mortgage with Leeds Building Society for my property in Elmswell. Conveyancing has been completed months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Your original mortgage agreement with Leeds Building Society will provide that you need their approval before letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel lawyer.
The formalities of my remortgage has taken place for my property in Elmswell. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I have todaydiscovered that Wolstenholmes have closed. They carried out my conveyancing in Elmswell for a purchase of a freehold house 10 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest method to see if the premises is registered to you, you can make 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 Elmswell conveyancing specialists.
Due to the guidance of my in-laws I had a survey completed on a house in Elmswell ahead of appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some lenders will not give a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Elmswell. Conveyancing may be slightly more expensive based on your lender's requirements.
I was recommended by a couple of local property agents in Elmswell to locate a property lawyer on your site. Is there a financial incentive for Estate Agents to recommend your lawyers over and above alternative conveyancing organisations?
We refuse to give any financial incentive for sending work in our direction. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband is buying a leasehold flat in Elmswell. Conveyancing quotes are averaging around £two thousand. Does that seem right?
The average fee last year for conveyancing in Elmswell was £1,419 not including SDLT and HM Land Registry fees.