All was ready to complete my purchase in Gipsy Hill next Friday. My property lawyer now wants me to supply her with evidence 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 risks does the bank 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 requirements. These requirements are not unique to conveyancing in Gipsy Hill.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Aldermore Conveyancing panel ahead of completing my conveyancing in Gipsy Hill?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Me and my brother purchased a terraced Edwardian house in Gipsy Hill. Conveyancing solicitor acted for me and Birmingham Midshires. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to 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 Gipsy Hill and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with your conveyancing lawyer who completed the work.
I am downsizing from my home. My past solicitors have shut. I am in need of a recommendation of a conveyancing firm. Im based in Gipsy Hill if that makes things easier.
You should use our search tool to help you find a solicitor for your conveyancing in Gipsy Hill. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
In surfing the internet for the term conveyancing in Gipsy Hill it reveals numerous conveyancersin the vicinity. How do I determine which is the right conveyancing solicitor for purchase transaction?
The ideal way of seeking the right conveyancer is via personal referral, so enquire of friends and family who have bought a property in Gipsy Hill or the respected estate agent or mortgage broker. Costs for conveyancing in Gipsy Hill differ, so it's a good idea to request at least four quotes from different conveyancers. Dont forget to clarify that the charges are guaranteed not to rise.
When it comes to my conveyancing in Gipsy Hill should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Gipsy Hill conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.