I am hoping to move into my new home in St Albans next Monday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender expect the insurance 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 obligations are not limited to conveyancing in St Albans.
We see that you have a search directory identifying firms on the Bank of Ireland conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in St Albans?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in St Albans.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Santander Solicitor panel ahead of completing my conveyancing in St Albans?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. St Albans is the location of the property. What do you suggest?
Flying freeholds in St Albans 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 St Albans you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Albans 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 premises.
Given that I will soon spend 450k on a property in St Albans I would like to talk to a conveyancer about myconveyancing before giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - we would be happy to talk to you we do not take any clients on without you first talking to the conveyancer who will be conducting your conveyancing in St Albans.There is no ‘factory style conveyancing’ - every client is an important individual, not a matter number. The law firms that we put you in touch with believe that the figure you are provided with for residential conveyancing in St Albans should be the figure that you end up paying.
Do banks and building societies provide you with an approved list of St Albans solicitors? How do you know who is on the lender conveyancing panel?
St Albans firms and firms conducting conveyancing in St Albans themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the lender directly.