Due to complete my purchase in Par next Tuesday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. 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 instructions. These requirements are not unique to conveyancing in Par.
What does my ID and proof of funds have anything to do with my conveyancing in Par? Why is this being asked of me?
Par conveyancing solicitors and indeed property practitioners accross the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Confirmation of source of monies is also necessary under the money laundering statutes as solicitors are obliged to check that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase price where you are buying without a mortgage) has originated from a reputable source (such as an inheritance) as opposed to the product of illegitimate behaviour.
I am planning to move house in May. Should my conveyancing solicitor liaise with the removal company on the completion day. Incidentally, can you put forward a removal company in Par. Conveyancing solicitor was chosen prior to coming across this page.
On the afternoon of completion you can pick up the keys from the estate agent but this can only take place once the sellers conveyancers confirm to the agent that they acknowledge receipt of the completion payment and the keys can be released. Subsequently you will need to advise the removal men that they can start moving you in. We are not in a position to suggest a particular removal organisation but can assist you in choosing a conveyancing in Par or a solicitor that specialises in conveyancing in Par.
I have been advised by my lawyer that lack of planning permission insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Par?
The right level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Completion of my purchase has taken place for my property in Par. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I have been on the look out for a ground for flat up to £305k and identified one round the corner in Par I like with amenity areas and railway links nearby, however it only has 49 years on the lease. There is not much else in Par in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the shortness of the lease may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
What does commercial conveyancing in Par cover?
Par conveyancing for business premises covers a wide array of guidance, offered by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I happen to be an executor of my recently deceased mother’s Will, with a property in Par which will be marketed. The house has never been registered at the Land Registry and I'm advised that many EAs will insist that it is done before they will move forward. What's the procedure for this?
In the circumstances 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 official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.