Due to complete my purchase in South Kensington next Monday. My lawyer 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 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 UK Finance Lenders’ Handbook conditions. These requirements are not specific to conveyancing in South Kensington.
In what way does my ID and proof of funds have anything to do with my conveyancing in South Kensington? Is this really necessary?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in South Kensington. Nowadays you can not complete any conveyancing deal without first submitting evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are supplying your driving licence as evidence of ID it needs to be both the paper section and photo card part, one is not sufficient without the other.
Verification of the origin of funds is mandated in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer must have this information on record. Your South Kensington conveyancing solicitor will require evidence of proof of funds prior to accepting any funds from you into their client account and they may also ask further queries concerning the source of monies.
We are planning to purchase with Melton Mowbray Building Society. We have called around locally yet am unable to find a South Kensington conveyancing firm on the Melton Mowbray Building Society approved list. Please you help?
You should take advantage of the find a lender approved solicitor tool on this web page. Please choose the building society and type South Kensington or your preferred area and you will see numerous solicitors located in South Kensington or nearest you.
A friend recommended that where I am buying in South Kensington I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your South Kensington conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about South Kensington around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful information regarding South Kensington.
How does conveyancing in South Kensington differ for newly converted properties?
Most buyers of new build residence in South Kensington approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in South Kensington usually purchase the site, 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 property lawyers 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 used to new build conveyancing in South Kensington or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. South Kensington is the location of the property. Is there any guidance you can give?
Flying freeholds in South Kensington are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside South Kensington you would need to get your solicitor to go 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 South Kensington 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 premises.