All was ready to complete my purchase in Warwickshire next Friday. My conveyancing practitioner now wants me to supply her with evidence 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 risks does the mortgage company expect the insurance 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 Part 2 requirements. These requirements are not specific to conveyancing in Warwickshire.
I'm in the throws of viewing flats in Warwickshire and I am about to put in an offer. Is it wise to have a conveyancer on ‘stand by’? I am planning to take a mortgage with Nationwide.
It would be wise to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are getting a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
I recently had an offer accepted on a house in Warwickshire. My financial adviser suggested a lawyer. I paid an on account payment of £225. A few days later, the conveyancer called me to say that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a maisonette in Warwickshire. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nationwide conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Warwickshire conveyancer is on the Nationwide conveyancing panel.
four months have elapsed since my purchase conveyancing in Warwickshire completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing a new build house in Warwickshire with a loan from Santander. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not inform my conveyancer about the side-deal as it could put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
How can the Landlord & Tenant Act 1954 affect my commercial premises in Warwickshire and how can you help?
The particular law that you refer to gives security of tenure to commercial lessees, giving them the a statutory right to apply to court for a renewal tenancy and continue in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Warwickshire is one of our numerous locations in which the firms we work with are located
I have been told by various friends that it may take 6-8 weeks for Warwickshire conveyancing to complete.This was a month ago. The property information was only received to my lawyer a few days ago so does the clock start running now?
You should be realistic about timelines. Property transactions in Warwickshire usually takes about two months. This time period is not because property lawyer are slow and purposely delay matters. The level of money involved in purchasing any property is so high, the purchaser's conveyancing practitioner needing to raise a whole range of queries, searches and supplemental checks to protect the buyer and their mortgage company (if there is to be a home loan) from expensive, avoidable problems. Conveyancing in Warwickshire involves getting information from a range of third parties, including other property lawyer, local councils, private companies, building societies and banks. Many of these are efficient. Others are not. It is worth noting that, it doesn't matter how quickly your lawyer do their work, if the people you are buying from or are selling to aren't ready, nothing can move forward until they are.