All was ready to complete my purchase in Old Coulsdon next Thursday. My solicitor 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 does the insurance need to cover?
All property lawyers on acting for mortgage companies 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 Old Coulsdon.
Do conveyancers ask for an advanced payment when it comes to conveyancing in Old Coulsdon?
Where you are retaining lawyers for conveyancing in Old Coulsdon your solicitor will ask you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the sale price then this will be asked for immediately ahead of contracts are exchanged. The final balance that is due should be transferred shortly before completion.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Old Coulsdon. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this allowed?
Given you plan to refinance then Virgin Money will insist on your using a conveyancer on the Virgin Money 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 Virgin Money 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 Virgin Money mortgage is registered as a charge at the Land Registry.
How can we know in advance if a Old Coulsdon conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Old Coulsdon getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor conducting your transaction.
We have agreed to purchase a house in Old Coulsdon. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nottingham be concerned?
As your lender is Nottingham your lawyer must comply with the formal requirements outlined in Part two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Nottingham where a lease does not meet these requirements. The provisions relate to the installation of panels on properties countrywide and is not isolated to Old Coulsdon.
I was told four weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in Old Coulsdon is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Am I better off to go with a Old Coulsdon conveyancing practitioner in close proximity to the house I am hoping to buy? I have an old university friend who can deal with the legal formalities however her office is approximately 350kilometers drive away.
The primary upside of using a high street Old Coulsdon conveyancing practice is that you can visit the firm to sign documents, deliver your identification documents and apply pressure on them where appropriate. Having local Old Coulsdon know how is a plus. However it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and in the main were impressed that should trump using an unfamiliar Old Coulsdon conveyancing solicitor solely due to them being round the corner.
I have been recommended a conveyancing solicitor in Old Coulsdon. I need to find out if they are on the lender's conveyancing panel. Can you help?
You should contact the lawyer and ask them if they are on the bank's panel. If that does not help get in touch with us and we can make some checks for you. If they are not on the bank panel we we can help find a specialist conveyancing solicitor in Old Coulsdon on the approved list for your mortgage company.