I am hoping to complete my purchase in Ferring next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender expect the insurance to cover?
Any lawyer 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 UK Finance Lenders’ Handbook conditions. These requirements are not limited to conveyancing in Ferring.
When does exchange of contracts take place for domestic conveyancing in Ferring and do I need to attend the solicitors branch?
If you are round the corner to our conveyancing solicitors in Ferring you are welcome to attend to sign contracts. That being said, the law practices we recommend offer countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you electronically. The executing of the purchase agreement is not the important part. A signed contract is necessary for the solicitor to exchange contracts at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Ferring)to be in the office available at the end of the phone to exchange contracts.
Is it the case that all Ferring solicitor practices on the Virgin Money conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Virgin Money conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
My wife and I have organised the release of further funds on our home loan from Bank of Ireland as we want to conduct renovations to our home in Ferring. Are we obliged to select a local Ferring solicitor on the Bank of Ireland conveyancing panel to handle the paperwork?
Bank of Ireland do not ordinarily require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.
Completion of my purchase has taken place for my property in Ferring. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
3 months have elapsed since my purchase conveyancing in Ferring took place. I have checked the Land Registry website which shows that I paid £150,000 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.
How does conveyancing in Ferring differ for new build properties?
Most buyers of new build or newly converted property in Ferring contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Ferring tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Ferring or who has acted in the same development.
My partner is buying a leasehold flat in Ferring. He has received a fee estimate by the conveyancer connected to the estate agents totaling £1156 . It was 7 years ago I sold and bought a home and the bill was £600. Have costs really gone up that much?
You should e-mail a few local Ferring conveyancing solicitors requesting prices. It is advisable to base your choice not just on cost, but on promptness and on how comprehensive the response was.