I am hoping to complete my purchase in Surbiton next Monday. My solicitor 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 bank expect the insurance to cover?
All property lawyers 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 Part 2 conditions. These requirements are not specific to conveyancing in Surbiton.
As a FTB what is the most important advice you can impart about purchase conveyancing in Surbiton?
You may not hear this from too many lawyers but conveyancing in Surbiton or throughout England and Wales is often a confrontational process. In other words, when it comes to conveyancing there exists an abundance of room for confrontation between you and other parties involved in the ownership transfer. For instance, the vendor, estate agent and on occasion the mortgage company. Appointing a solicitor for your conveyancing in Surbiton should not be taken lightly as your conveyancer is your adviser, and is the SOLE party in the transaction whose responsibility is to act in your best interests and to protect you.
On occasion a third party with a vested interest will try and persuade you that you should follow their advice. For instance, the selling agent may claim to be helping by claiming that your lawyer is wrong. Or your mortgage broker may try to convince you to do something that is contrary to your conveyancers advice. You should always trust your lawyer above all other parties in the conveyancing process.
What happens if my lawyer’s firm is suspended from the Nottingham Solicitor panel ahead of completing my conveyancing in Surbiton?
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.
Are there restrictive covenants that are commonly identified during conveyancing in Surbiton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Surbiton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Surbiton benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The property agent advised me not to tell my lawyer about this extras as it may impact my loan with the bank. Is this normal?.
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.
As co-executor for the estate of my grandmother I am selling a residence in Newport but reside in Surbiton. My lawyer (approximately 300 kilometers awayhas requested that I execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing lawyer in Surbiton to attest this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are based in Surbiton