Due to complete my purchase in North Woolwich 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 mortgage company. What does the insurance need to cover?
Any lawyer 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 obligations are not limited to conveyancing in North Woolwich.
Finally the sale completed on my house in North Woolwich last September yet the purchaser is calling daily complaining that his conveyancer is waiting to hear from myconveyancer. What should have happened following completion?
Following your house sale your conveyancer should deliver the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. Where appropriate, your lawyer should also send confirmation that the home loan has been discharged to the buyers lawyers. There is unlikely to be post completion formalities peculiar conveyancing in North Woolwich.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in North Woolwich?
There are many registered licenced Conveyancers in North Woolwich and Solicitor firms in North Woolwich offering conveyancing It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. Both can conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I have decided to exercise my right to buy my property in North Woolwich off the council. I have a mortgage agreed with Nationwide. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
I have a mortgage with Santander for my property in North Woolwich. Conveyancing has been completed months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
Your original mortgage agreement with Santander will provide that you need their approval before renting your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. You need not do this via a Santander conveyancing panel firm.
Should my solicitor be asking questions regarding flooding during the conveyancing in North Woolwich.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in North Woolwich. Some people will acquire a property in North Woolwich, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that may be initiated by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in North Woolwich. The standard information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to determine if the premises has suffered from flooding. In the event that the premises has been flooded in past and is not notified by the owner, then a purchaser could bring a claim for damages as a result of such an misleading answer. The buyer’s conveyancers may also conduct an enviro report. This will disclose if there is a recorded flood risk. If so, additional investigations should be carried out.
We're new on the property ladder - agreed a price, but the estate agent advised that the owners will only proceed if we instruct their preferred solicitors as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a local solicitor who is accustomed to conveyancing in North Woolwich
We suspect that the seller is not behind this requirement. Should the seller require ‘a quick sale', alienating a motivated purchaser is is going to put the whole deal at risk. Speak to the vendors direct and explain that (a)you are motivated buyers (b)you are ready to go, with finances arranged © you are chain free (d) you wish to move quickly (e)however you are going to use your own,trusted North Woolwich conveyancing firm - not the ones that will provide their negotiator at the agency a referral fee or achieve conveyancing figures set by senior management.
I happen to be an executor of my recently deceased mum’s Will, with a house in North Woolwich which is to be marketed. The house is unregistered at the Land Registry and I'm told that many EAs will insist that it is done before they'll proceed. What's the procedure for this?
In the situation that you have set out it seems prudent to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.