Due to move into my new home in Woodthorpe next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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?
All property lawyers on acting for mortgage companies 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 specific to conveyancing in Woodthorpe.
My fiance and I wish to acquire a purpose built apartment in Woodthorpe with a loan from Santander.We like our Woodthorpe conveyancing practitioner but Santander says he's not listed on their "panel". We have to appoint a Santander panel lawyer or retain our high street solicitor and fork out for a Santander panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Santander use our lawyer?
No, not really. The home loan offered to you contains terms and conditions, a common one being that lawyers must be on the Santander approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Santander
We are purchasing a house in Woodthorpe. I might seem paranoid but how we can trust a conveyancer? At some point we have to deposit money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Is it correct that all Woodthorpe CQS (Conveyancing Quality Scheme) solicitors are on the HSBC conveyancing panel?
A selection of lenders now make use of CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
I have paid off my mortgage with Virgin Money. I assume I don't need a Woodthorpe conveyancer on the Virgin Money panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I am buying a house and the lawyer has referenced Chancel Repair to which the house may be liable given it’s proximity to the area of such a church. He has recommended insurance. Is this strictly appropriate for conveyancing in Woodthorpe
Unless a previous purchase of the premises completed after 12 October 2013 you may assume that solicitors conducting conveyancing in Woodthorpe to continue to suggest a chancel search and or insurance against a claim.
The deeds to our house are lost. The lawyers who dealt with the conveyancing in Woodthorpe 5 years ago no longer exist. Will I be able to sell the house?
As long as you have a registered title the details of your proprietorship will be recorded by HMLR with a Title Number. It is easy to carry out a search at the Land Registry, locate your house and get up to date copies of the property title for a small fee. If the title is Leasehold then the Land Registry will in most cases retain a certified duplicate of the Registered Lease and again, a copy can be ordered for twenty pounds.
I have been recommended by a number of property agents in Woodthorpe to get a quote from a conveyancer using your seach tool. What’s the financial advantage for Estate Agents to promote your services rather than alternative conveyancing organisations?
We don’t offer any financial incentive for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.