Due to complete my purchase in Hightown 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 bank. 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 Part 2 conditions. These obligations are not specific to conveyancing in Hightown.
We had selected conveyancers with offices in Hightown on the Principality solicitor panel. They have just billed me a separate sum for handling the Principality mortgage. Is this an additional conveyancing fee set by Principality?
Provided it is contained in their Terms and Conditions or Quote then yes your property lawyer can levy a fee for this. The charge is not dictated by Principality but by your Hightown solicitor. Numerous firms on the Principality panel will levy an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I have decided to exercise my right to buy my property in Hightown off the council. I have a mortgage offer with Yorkshire BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
Planning on purchasing a apartment in Hightown. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nationwide conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Hightown conveyancing practitioner is on the Nationwide conveyancing panel.
I am selling our house in Hightown and according to the buyers it appears that there is a risk of it being built on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers used a factory type conveyancing practice rather than a conveyancing solicitor in Hightown. We have lived in Hightown for many years we know of no issue. Is it a good idea to get in touch with our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing firm already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
How does conveyancing in Hightown differ for new build properties?
Most buyers of new build residence in Hightown approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Hightown usually acquire 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 Hightown or who has acted in the same development.
I was recommended by a few property agents in Hightown to choose a property lawyer on your site. What’s the financial inducement for Estate Agents to recommend your site ahead of alternative conveyancing organisations?
We refuse to offer any referral fee for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
To what extent are Hightown conveyancing solicitors under an obligation to the Law Society to publish transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be regarded as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Hightown or further afield.