All was ready to complete my purchase in Shropshire next Friday. My property lawyer 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 mortgage company. What risks does the lender expect the insurance to cover?
Any lawyer 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 Part 2 conditions. These requirements are not unique to conveyancing in Shropshire.
I am the single beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Shropshire. The Shropshire property was put into my name in December. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership could be treated the same way as if I'd bought the house in December. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view mortgage companies take of it, depend on the bank as this clause principally exists to capture subsales or the quick reselling of property.
About to purchase maisonette in Shropshire. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shropshire solicitor is on the UBS conveyancing panel.
I was told four weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Shropshire is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Shropshire differ for newly converted properties?
Most buyers of new build or newly converted property in Shropshire approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Shropshire tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Shropshire or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Shropshire is the location of the property. Is there any guidance you can impart?
Flying freeholds in Shropshire are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shropshire you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shropshire may decide 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.
We are 14 days into a leasehold purchase having been directed to conveyancers by the local agent to handle our conveyancing in Shropshire. I am am extremely disappointed with the quality of service. Could you help me find new conveyancers?
They would have to be really bad to suggest changing them. Has the loan offer been generated? In the event that it has you must advise them of the replacement lawyer and ensure the loan are re-sent. Your new solicitor ideally should be on the lenders approved list to avoid added costs and complications. So that should be your starting point. The search tool will assist you in finding a lender approved solicitor for your home move in Shropshire
My wife and I purchased a leasehold house in Shropshire. Conveyancing and Bank of Ireland mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Shropshire who acted for me is not around. What should I do?
First contact HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Shropshire conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Shropshire Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
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What prohibitions are there in the Shropshire Lease? Is the freehold reversion owned jointly by the leaseholders? Is anyone aware of any major works in the planning that will increase the service charges?