I am hoping to move into my new home in Fareham 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 mortgage company expect the insurance 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 obligations are not unique to conveyancing in Fareham.
In what way does my ID and proof of funds have anything to do with my conveyancing in Fareham? Why is this being asked of me?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Fareham. Nowadays you will not be able to complete any conveyancing transaction if you have not supplying proof of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are providing your driving licence as evidence of ID it needs to be both the paper section and photo card part, one is not acceptable without the other.
Proof of your origin of funds is mandated in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer will need to retain this information on record. Your Fareham conveyancing lawyer will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask further queries regarding the source of monies.
Having invested time researching mumsnet.com for an online lawyer in Fareham, many comment that I should use a CQS assured lawyer. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to best practice conveyancing procedures through the scheme protocol the standard includes many firms who execute conveyancing in Fareham.
I have a terraced Georgian house in Fareham. Conveyancing practitioner acted for me and Bank of Scotland. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be 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 Fareham and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing solicitor who conducted the purchase.
Back In 2007, I bought a leasehold house in Fareham. Conveyancing and Alliance & Leicester mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Fareham who acted for me is not around. What should I do?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to instruct a Fareham conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Fareham - Sample of Questions you should ask before Purchasing
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Best to be warned whether window replacement or some other major work is pending that will be shared amongst the tenants and will dramatically impact the level of the service costs or necessitate a one time invoice. Most Fareham leasehold flats will incur a service bill for maintenance of the building set by the freeholder. Where you acquire the flat you will have to meet this amount, normally periodically accross the year. This can be anything from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge for you to pay annual, this is usually not a exorbitant sum, say around £50-£100 but you need to enquire as occasionally it can be surprisingly expensive. Is anyone aware of any major works in the near future that could add a premium to the maintenance fees?
My uncle completed his conveyancing in Fareham 9 years ago. He has since got married, widowed and has recently married again. He now wishes to the sell the Fareham property. I believe he will just be need to provide a copy of the marriage certificates to the property lawyer however he is concerned it will delay the sale of the apartment. Is it worth updating the title documents for the house?
The is no need to update the register on the basis that you have the proof needed to show how the change of name has come about.
The buyer’s conveyancer should check the land registry details and ask for evidence to establish the change of name e.g. marriage certificates.