I am hoping to move into my new home in Putney Heath next Thursday. My conveyancing practitioner 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 mortgage company. What risks does the mortgage company expect the insurance 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 UK Finance Lenders’ Handbook instructions. These requirements are not limited to conveyancing in Putney Heath.
As a novice what is the most important number one tip you can impart about purchase conveyancing in Putney Heath?
Not many law firms or advisers will tell you this but conveyancing in Putney Heath or throughout South West London is an adversarial experience. In other words, when it comes to conveyancing there exists an abundance of opportunity for conflict between you and others involved in the legal transfer of property. For instance, the seller, property agent and even potentially a mortgage company. Choosing a solicitor for your conveyancing in Putney Heath should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose responsibility is to act in your best interests and to keep you safe.
Every so often a third party with a vested interest may try and sway you that you should follow their advice. As an example, the selling agent may claim to be helping by claiming that your lawyer is dragging his heels. Or your mortgage broker may try to convince you to do take action that is contrary to your solicitors recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
Do the Building Society Association intend to launch a online directory to list firms on the Loughborough BS conveyancing panel for example in Putney Heath?
We have not been informed any plans on the part of the BSA to develop such a tool.
It has been 2 months following my purchase conveyancing in Putney Heath took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the input of my in-laws I had a survey completed on a house in Putney Heath before appointing lawyers. I have been informed that there is a flying freehold element to the property. My surveyor has said that some banks may not grant a mortgage on such a house.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. If you call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Putney Heath. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Putney Heath to see if the conveyancing costs will increase in light of this.
I need to retain a conveyancing solicitor for leasehold conveyancing in Putney Heath. I have land on a web site which looks to be the perfect solution If it is possible to get all this stuff done via web that would be preferable. Should I be concerned? 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?