All was ready to complete my purchase in Merton next Tuesday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. 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 UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Merton.
My uncle passed away six months ago and as sole heir and executor I was left the house in Merton. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to TSB, pay off the mortgage. Is this possible?
If you intend to re-mortgage then TSB will insist on your using a conveyancer on the TSB conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your TSB conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the TSB mortgage is registered as a charge at the Land Registry.
I'm buying my first flat in Merton with a mortgage from Nationwide Building Society. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The estate agent suggested that I not disclose to my conveyancer about this deal as it would put at risk my mortgage with the bank. 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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We're novice buyers - agreed a price, yet the agent advised that the seller will only proceed if we use the agent's preferred conveyancers as they want an ‘expedited deal’. We would rather use a local conveyancer accustomed to conveyancing in Merton
It is unlikely the vendors are driving this. Should the vendor desire ‘a quick sale', taking such a hostile approach to a genuine buyer is counter productive. Try to communicate with the sellers directly and explain that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)however you are going to appoint your own,trusted Merton conveyancing firm - not the ones that will give the negotiator at the agency a referral fee or achieve conveyancing thresholds set by senior management.
Online reading suggests that Merton solicitors are more costly than Merton conveyancers in Merton to use when buying a property. Am I better off using a conveyancer or a solicitor where I am purchasing a property in Merton.
When it comes to conveyancing in Merton the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.