All was ready to complete my purchase in West Hill 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 risks does the lender expect the insurance 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 obligations are not unique to conveyancing in West Hill.
Can your site be used to find a Conveyancing solicitor in West Hill even where I’m not purchasing or disposing of a house, for instance if I wish to buy a shop in West Hill with a loan from Virgin Money?
Our comparison service is primarily utilised to locate domestic conveyancing solicitors in West Hill but we have recorded towards the bottom of this page some West Hill commercial conveyancing firms. You should make contact with the company directly to check if they can also act for Virgin Money
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Does this mean I have to use their panel lawyer as I would much rather use a West Hill based conveyancing firm?
You should check but the chances are that appoint one of their panel lawyers where you take up the "fee-free" incentive. Call the lender and determine if they offer you a cash alternative. Some banks have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near West Hill.
three months have elapsed since my purchase conveyancing in West Hill took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. 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 buying a new build house in West Hill benefiting from help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my solicitor about the side-deal as it may impact my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in West Hill I like with open areas and station in the vicinity, however it only has 51 remaining years left on the lease. I can't really find anything else in West Hill in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.