Due to move into my new home in Sherwood next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
All property lawyers 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 requirements. These obligations are not limited to conveyancing in Sherwood.
Having sold my house in Sherwood last May but my buyer keeps calling me to say her solicitor is waiting to hear from mine. What should have happened now that I have sold?
Following your disposal your conveyancer should deliver the transfer deeds and all supplemental paperwork to the buyer’s solicitors. If applicable, your conveyancer should also confirm that the mortgage has been repaid to the purchasers conveyancers. There are no post completion tasks unique to conveyancing in Sherwood.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would much rather instruct a Sherwood based conveyancing firm?
You should check but the chances are that appoint one of their panel conveyancers where you want the "fee-free" deal. Contact the mortgage company to determine if they make available a cash alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Sherwood.
Have completed on a a terraced house in Sherwood , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Sherwood conveyancing solicitor has been very slow, so I want to check the registration formalities are addressed.
There is nothing unique about conveyancing in Sherwood registration formalities. Rather than based on location, timescales can adjust depending on the party submitting the application, whether it is in order and whether the Land registry have to notify any other persons or bodies. At present in the region of three quarters of such applications are fully dealt with within 12 days but occasionally there can be longer delays. Historically registration occurs after the purchaser has moved in to the property therefore registration formalities is not typically top priority yet where it is urgent that the the registration takes place urgently then you or your lawyers could speak with the land registry and explain the circumstances.
I am buying my first flat in Sherwood benefiting from help to buy. The builders would not budge the price so I negotiated £7000 of extras instead. The property agent advised me not reveal to my solicitor about this extras as it would affect my mortgage with the bank. Should I keep quiet?.
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.
The mortgage broker has recommended their property lawyer for the conveyancing in Sherwood - Surely it’s easier to just use them?
It is worth checking if the selling agent is recommending a solicitor or introducing to a solicitor. There are plenty of Sherwood estate agents who recommend two or three Sherwood conveyancing firms purely based on those lawyers offering a great service.