All was ready to complete my purchase in St Neots next Thursday. My property 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 bank. What does the insurance need to cover?
Any lawyer on acting for lenders 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 instructions. These requirements are not specific to conveyancing in St Neots.
Should conveyancers request money up-front for my conveyancing in St Neots?
Where you are retaining lawyers for conveyancing in St Neots your solicitor will request that you place them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the total price then this will be asked for shortly ahead of exchange of contracts. The final balance that is due should be sent to your lawyer a couple of days prior to the completion date.
Forgive me if this question is silly but I am unseasoned as FTB of a ground floor flat in St Neots. Do I collect the keys to the premises on completion from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in St Neots?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s solicitors, and once they have received this, you should be able to collect the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
My wife and I are in the throws of looking at flats in St Neots and I am about to put in an offer. Should I already have a conveyancing practitioner in place at this stage? I am planning to take a mortgage with Clydesdale.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are seeking a mortgage with Clydesdale, make sure you remember to check that your lawyer is on the Clydesdale conveyancing panel.
My offer on a semi in St Neots has been agreed to, the sellers do nevertheless have a connected purchase. The sellers have offered on a flat, however it’s not yet tied up, and are looking at other flats booked. I have chosen a high street conveyancing solicitor in St Neots. What should be my next step? When do I get the mortgage application with Santander going?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then valuation, St Neots conveyancing search fees, etc). The first course of action is to check that your conveyancer is on the Santander approved list. As to the next steps this very much depends on the uniqueness of your case, desire for this property and on the state of the market. During a buoyant market the majority of buyers would apply for a home loan with Santander and pay for the valuation and only if it was satisfactory would they pay their lawyer to proceed with searches.
What does a local search inform me concerning the property I am buying in St Neots?
St Neots conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for example Xpress Legal The local search is essential in every St Neots conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
The deeds to our property are lost. The conveyancers who did the conveyancing in St Neots 4 years ago are no longer around. What are my next steps?
As long as the title is registered the details of your ownership will be documented by HMLR with a Title Number. It is easy to perform a search at the Land Registry, find your house and secure up to date copies of the property title for a small fee. If the title is Leasehold then the Land Registry will also normally hold a certified duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
How does conveyancing in St Neots differ for newly converted properties?
Most buyers of new build premises in St Neots approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in St Neots typically 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 accustomed to new build conveyancing in St Neots or who has acted in the same development.