I am hoping to complete my purchase in Hanworth next Thursday. 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 lender. What risks does the bank expect the insurance to cover?
All property lawyers 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 requirements. These requirements are not specific to conveyancing in Hanworth.
Completed the sale of my flat in Hanworth last May but our buyer keeps telephoning daily to moan that their solicitor needs to hear from mine. What should have happened following completion?
Following your sale your solicitor should forward the transfer deeds and all supplemental paperwork to the purchaser's lawyers. Where relevant, your conveyancer should also send confirmation that the legal charge in favour of the lender has been repaid to the buyers conveyancers. There is unlikely to be post completion requirements peculiar conveyancing in Hanworth.
It has been four months since my purchase conveyancing in Hanworth concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 residence 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.
I'm purchasing my first flat in Hanworth benefiting from help to buy. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about the extras as it may adversely affect my mortgage with Yorkshire Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
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My partner and I are purchasing a 2 bedroom flat in Hanworth. At the point of instructing our solicitor, they said that they were on all major UK lender panels. Our financial adviser called just now to advise that they are not on the Bank of Ireland approved list. Were it to be true, what should we do? Should we just find a different solicitor that is on their approved list or do we pay for separate representation, with Bank of Ireland selecting their own approved solicitor.
When purchasing a property with the benefit of a mortgage it is standard for the purchaser’s solicitors to also represent the mortgage company. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to fulfill. Some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancer should contact Bank of Ireland to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Bank of Ireland's conveyancing panel and you may continue to use your own Hanworth solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another conveyancing practitioner into the mix.