Due to move into my new home in Maida Vale next Friday. 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 bank. What risks does the lender 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 instructions. These obligations are not unique to conveyancing in Maida Vale.
What does my ID and proof of funds have anything to do with my conveyancing in Maida Vale? What am I being asked for?
To satisfy the Money Laundering Regulations any Maida Vale conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to ascertain not simply the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
We are aiming to move house in October. Will my conveyancing solicitor call the removal company on the day of completion. Incidentally, can you recommend a removal company in Maida Vale. Conveyancing lawyer was found prior to coming across this website.
On the afternoon of completion you will need to pick up the keys from the selling agent however this can only take place after the previous owners conveyancers confirm to the agent that the monies to complete are in and the keys can be collected. Subsequently you will need to advise the removal company that you are ready to move in. As a matter of policy we do not recommend a specific removal organisation but can help you choose a conveyancing in Maida Vale or a solicitor with expertise in conveyancing in Maida Vale.
I have today made my last payment due on my mortgage with Skipton. I assume I don't need a Maida Vale conveyancing practitioner on the Skipton panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
Planning on purchasing a house in Maida Vale. 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 Lloyds 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 Maida Vale property lawyer is on the Lloyds conveyancing panel.
I'm buying a new build house in Maida Vale with a loan from Barclays . The sellers refused to reduce the price so I negotiated £7000 of additionals instead. The house builders rep advised me not disclose to my solicitor about the extras as it could impact my loan with the lender. 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.
I have been on the look out for a flat up to £195,000 and identified one near me in Maida Vale I like with a park and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Maida Vale in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
How do I identify a Maida Vale solicitor on the Leeds Building Society conveyancing panel? I have a car and am prepared to travel upto 10miles to meet the lawyer.
You can use the search on this website. Please select a lender and your location and you will see a number of Maida Vale conveyancing lawyers based on proximity. We have listed some Maida Vale conveyancing firms at the bottom of this page and you can telephone them to verify if they are on the Leeds Building Society approved list