Due to move into my new home in Southsea next Monday. 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?
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 Part 2 conditions. These obligations are not unique to conveyancing in Southsea.
At what point can the exchange of contracts happen for domestic conveyancing in Southsea and do I need to attend the lawyers office?
If you are near to our conveyancing solicitors in Southsea you are invited in to sign the paperwork. That being said, the firms we recommend offer a countrywide conveyancing service and provide as equally diligent and professional a job for you when dealing with you by post or email. The executing of the sale agreement is not the point of no return. A signed contract is just a prerequisite for the conveyancer to exchange contracts at the suitable time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Southsea)to be in the office available at the end of the phone to exchange contracts.
Does a directory service exist listing Bank of Ireland panel conveyancers in Southsea on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings open the public over the internet. If you are seeking to appoint a Southsea lawyer on the Bank of Ireland please use our facility.
Completion of my purchase has taken place for my property in Southsea. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
After shopping around on the internet I have found a Southsea lawyer having checked that they are on the HSBC conveyancing panel. Does my lawyer arrange the survey of the property?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Southsea postcode. As you are getting a mortgage with HSBC, you could contact them to see if they have a list of approved surveyors in Southsea.
My wife and I own a renovated Edwardian house in Southsea. Conveyancing lawyer represented me and Barclays Direct. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the exact same property. Is it worth asking Barclays Direct to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Southsea and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who conducted the purchase.
I'm buying my first flat in Southsea with the aid of help to buy. The builders would not budge the price so I negotiated £7000 of additionals instead. The sale representative advised me not disclose to my solicitor about the side-deal as it may adversely affect my mortgage with the lender. 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.
My cousin has suggested that I instruct his conveyancers in Southsea. Should I find my own conveyancer?
No doubt the ideal way to find a conveyancing practitioner is to seek referrals from friends or family who have actually used the solicitor you're are thinking of instructing.