My wife and I are acquiring property in New Beckenham. My property lawyer is not listed on the mortgage company solicitor panel. Is it possible for me to use my New Beckenham conveyancing solicitor notwithstanding that they are not on the lender approved list?
One must appoint a lawyer to deal with the legal work required if you take out a loan to buy your home. They will carry out all the relevant legal checks on the property, ensuring that you’re registered as proprietor and ensure that all the required mortgage documentation is in order. One may select a New Beckenham lawyer of your choice. However, if the conveyancer selected is not a member of the bank solicitor panel additional costs will arise as separate legal representation will be required by them. Bank panel applications can be submitted, so where your solicitor has not in the past applied for membership they should take the opportunity to apply.
I am hoping to complete my purchase in New Beckenham 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 does the insurance need 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 UK Finance Lenders’ Handbook requirements. These obligations are not limited to conveyancing in New Beckenham.
Should our conveyancer be raising questions about flooding during the conveyancing in New Beckenham.
Flooding is a growing risk for conveyancers carrying out conveyancing in New Beckenham. There are those who purchase a property in New Beckenham, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a number of searches that can be undertaken by the purchaser or by their lawyers which will figure out the risks in New Beckenham. The standard property information forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to discover if the property has historically flooded. In the event that flooding has previously occurred and is not notified by the owner, then a buyer may bring a claim for damages as a result of such an incorrect response. A purchaser’s lawyers should also commission an environmental search. This will reveal whether there is a recorded flood risk. If so, further investigations will need to be conducted.
I'm purchasing my first flat in New Beckenham with the aid of help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not reveal to my solicitor about the deal as it may affect my loan with Britannia. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. New Beckenham is the location of the property. Can you offer any opinion?
Flying freeholds in New Beckenham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in New Beckenham you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Beckenham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
We are a fortnight into a leasehold purchase having been referred to solicitors by the local agent to handle our conveyancing in New Beckenham. I am not happy. Can you you assist me in finding new lawyers?
A solicitor would have to be really poor in order to consider diss instructing them. Has your loan offer been generated? If so you must inform them of the new conveyancer and have the loan are issued to the new lawyers. Your solicitor ideally needs to be on the banks approved list to avoid supplemental fees and delays. So that should be your starting point. Our search tool can help you find a bank approved solicitor for your conveyancing in New Beckenham