All was ready to move into my new home in Rye next Monday. 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 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 UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Rye.
What is your number one tip for choosing a conveyancing solicitor in Rye
Do not opt for the cheapest Rye conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am currently in the process of buying my council flat in Rye. I have a mortgage agreed with Clydesdale. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Rye bank branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Rye conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your solicitor must comply with the CML Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
It has been four months since my purchase conveyancing in Rye completed. I have checked the Land Registry site 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.
I'm buying a new build house in Rye with a mortgage from Clydesdale. The sellers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not reveal to my solicitor about the deal as it will impact my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a property in Rye in advance of retaining solicitors. I have been told that there is a flying freehold element to the property. My surveyor has said that some mortgage companies tend refuse to grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Rye. Conveyancing will be smoother if you use a solicitor in Rye especially if they are accustomed to such properties in Rye.
My partner and I hope to purchase our first home in Rye. Conveyancing practitioner already chosen. The mortgage adviser advised that a survey is not necessary as the property was only constructed 16 yrs ago.
As the bare minimum you need a Home Buyer's Report. Given the property was built over a decade ago the property will be without a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may be enough. The report should highlight any apparent issues and suggest further investigation where relevant. If there are any indications of material issues obtain a full structural survey.