All was ready to move into my new home in Theale 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 bank. What does the insurance need 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 requirements are not unique to conveyancing in Theale.
Do banks and building societies provide you with an approved list of Theale conveyancing solicitors? How do you know who is on the Leeds Building Society conveyancing panel?
Theale conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
I am buying a house and need a conveyancing solicitor in Theale who is on the Skipton Building Society approved. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Skipton Building Society in certain locations such as Theale. We dont recommend any particular firm.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Theale is the location of the property. Can you offer any assistance?
Flying freeholds in Theale are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Theale you would need to get your solicitor to go 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 Theale may determine 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 residence.
We're new to the buying process - had an offer accepted, but the agent informed us that the vendor will only go ahead if we instruct the agent's recommended solicitors as they need a ‘quick sale’. We would rather use a local solicitor accustomed to conveyancing in Theale
We suspect that the owner is not behind this demand. Should the vendor want ‘a quick sale', taking such a hostile approach to a serious buyer is is going to put the whole deal at risk. Try to communicate with the vendors directly and make the point that (a)you are genuine buyers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you intend to appoint your own,trusted Theale conveyancing solicitors - as opposed tothe ones that will give the estate agent a commission or hit his conveyancing figures demanded by head office.
My lawyers in Theale have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the lender. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.