All was ready to complete my purchase in Sturminster Newton next Friday. My conveyancing practitioner 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 bank. 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 UK Finance Lenders’ Handbook requirements. These obligations are not limited to conveyancing in Sturminster Newton.
I had intended to instruct a conveyancing solicitor in Sturminster Newton for our house purchase. Our financial adviser has since advised us that our mortgage lenders Birmingham Midshires won't deal with them. Surely this is unduly restrictive?
Banks normally imposes restrictions either the type or the volume of conveyancing solicitors on their member panel. Typical examples of such criteria being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have limited the number of solicitor practices they permit to act for them. You should note that Birmingham Midshires have no responsibility for the quality of advice provided by any member of Birmingham Midshires Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels since 2008 even though there remains mixed views regarding the extent of solicitor involvement in some of that fraud. Data from the Land Registry indicate that plenty of law firms, including some in or near Sturminster Newton only carry out a couple conveyances a year.
We are getting a further advance on our home loan from Bank of Ireland as we intend to carry out renovations to our property in Sturminster Newton. Are we obliged to select a high street Sturminster Newton solicitor on the Bank of Ireland conveyancing panel to handle the legals?
Bank of Ireland do not ordinarily require firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland conveyancing panel.
I'm at the point of looking at houses in Sturminster Newton and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with Coventry BS.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are taking out a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
Completion of my remortgage has taken place for my property in Sturminster Newton. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out 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.
I am purchasing a new build house in Sturminster Newton with a loan from Lloyds TSB Bank. The developers refused to move on the amount so I negotiated 6k of extras instead. The property agent advised me not reveal to my solicitor about the extras as it will adversely affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I opted to have a survey completed on a house in Sturminster Newton prior to retaining lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies may not issue a mortgage on such a home.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sturminster Newton. Conveyancing may be slightly more expensive based on your lender's requirements.
I am selling my house. My past lawyers closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Sturminster Newton if that makes things easier.
Please use our search tool to help you find a solicitor for your conveyancing in Sturminster Newton. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.