All was ready to complete my purchase in New Milton next Thursday. My 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 lender 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 New Milton.
Completed the sale of my flat in New Milton last May yet the purchaser is calling daily complaining that his conveyancer needs to hear from mine. What should my lawyer have done now that I have sold?
After completion of your house sale your solicitor is duty bound to deliver the transfer deeds and all additional paperwork to the buyer’s conveyancer. Where relevant, your conveyancer must also evidence that the home loan has been repaid to the buyers conveyancers. There is unlikely to be post completion procedures unique to conveyancing in New Milton.
Having spent time looking at moneysavingexpert.com for a cheap lawyer in New Milton, most advise that I should instruct a CQS assured lawyer. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing procedures through the scheme protocol Membership covers many organisations who handle conveyancing in New Milton.
I'm purchasing my first flat in New Milton with the aid of help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not to tell my solicitor about this extras as it could adversely affect my loan with the lender. Should I keep quiet?.
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 was recommended by a number of selling agents in New Milton to find a conveyancer on your site. What’s the financial incentive for Estate Agents to offer your lawyers over another?
We refuse to offer any commission for sending work in our direction. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I need to retain a conveyancing solicitor for leasehold conveyancing in New Milton. I've chance upon a site which looks to be the perfect offering If it is possible to get all the legals completed via email that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?