I am hoping to move into my new home in Ferndown next Monday. 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?
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 conditions. These obligations are not limited to conveyancing in Ferndown.
My brother-in-law has suggested I instruct a conveyancing solicitor in Ferndown. I I would like to check if they are on the Nottingham Building Society conveyancing panel. Can you or the lender confirm if they are on the panel?
You should phone your solicitor and ask them whether they are on the lender panel. Alternatively you can call Nottingham Building Society who may be able to help.
Can I be sure that the Ferndown conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Ferndown seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer handling your conveyancing.
I had a mortgage agreed in principle with Santander. Ferndown conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from Santander?
There is no definitive answer here. Have Santander done the valuation? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am due to exchange contracts on my apartment. I had a double glazing fitted in September 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Bank of Ireland are being a right pain. The Ferndown solicitor who is on the Bank of Ireland conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Do commercial conveyancing searches reveal planned roadworks that may impact a commercial estate in Ferndown?
Its becoming the norm that commercial conveyancing solicitors in Ferndown will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Ferndown. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Ferndown.
For every commercial conveyancing transaction in Ferndown it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can result in delays to Ferndown commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Ferndown.
I am employed by a reputable estate agent office in Ferndown where we have witnessed a number of flat sales put at risk due to short leases. I have been given contradictory information from local Ferndown conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Ferndown Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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How much is the service charge and ground rent on the property? Are any of leasehold owners in arrears of their service charge liability?
Our conveyancer in Ferndown has discovered a defect with the lease for the apartment we are buying in Ferndown. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Ferndown conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements must be adhered to by the bank conveyancing panel who has to balance acting for you and the bank