I am hoping to complete my purchase in Poundbury next Tuesday. 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?
Any lawyer 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 Part 2 conditions. These obligations are not unique to conveyancing in Poundbury.
I have decided to exercise my right to buy my property in Poundbury off the council. I have a mortgage offer with UBS. 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 UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
After weeks of negotiation I have agreed a price on a house in Poundbury. My financial adviser suggested a solicitor. I paid an on account payment of £225. Soon after, the solicitor contacted me embarrassingly acknowledging that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Our offer on a property in Poundbury has been accepted, but there is a chain. The sellers have offered on on an apartment, but it’s not yet agreed to, and have viewings of other properties booked. I have selected a bricks and mortar conveyancing solicitor in Poundbury. What should be my next step? At what stage do I apply for the mortgage with Virgin Money?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx £1k, then valuation, Poundbury conveyancing search charges, etc). The first course of action is to ensure that your lawyer is on the Virgin Money conveyancing panel. Concerning the next steps this very much depends on the circumstances of your case, attraction to this property and on the state of the market. In a buoyant market many home buyers would apply for the mortgage with Virgin Money and arrange for the valuation and only if it comes back ok would they ask their property lawyer to move forward with searches.
The estate agent has sent us the confirmation of our purchase of a new build flat in Poundbury. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Poundbury
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Poundbury is the location of the property. What do you suggest?
Flying freeholds in Poundbury are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Poundbury you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Poundbury 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.
Taking into account that I am about to part with £400,000 on a garden flat in Poundbury I wish to have a conversation with the lawyer concerning theconveyancing in advance of appointing the firm. Can this be arranged?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you first talking to the solicitor due to be carrying out your conveyancing in Poundbury.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter reference. The solicitors that we put you in touch with believe that the figure you are quoted for your conveyancing in Poundbury should be the figure that you are charged.
Our conveyancing solicitor in Poundbury is asking me for personal identification documents saying that this is part of his legal duty as a solicitor on the lender Conveyancing panel. Can this be correct?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the lender. This is not unique to conveyancing in Poundbury