Due to move into my new home in Wootton next Tuesday. 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 lender. 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 conditions. These requirements are not specific to conveyancing in Wootton.
Is it the case that all Wootton solicitor practices on the Kent Reliance conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be governed by the SRA. The majority of lenders do allow licenced conveyancers on their panel in which case such firms would be governed by the CLC.
I had a mortgage agreed in principle with TSB. Wootton conveyancing lawyers were appointed. How long does it take for TSB to forward the offer to the property lawyer?
There is no definitive answer here. Have TSB conducted the survey? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am due to exchange contracts on my house. I had a double glazing fitted in October 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Virgin Money are being difficult. The Wootton solicitor who is on the Virgin Money conveyancing panel is recommending indemnity insurance as a solution but Virgin Money are insisting on a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have recentlyfound out that Action Conveyancing have closed. They carried out my conveyancing in Wootton for a purchase of a freehold house 9 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Wootton conveyancing specialists.
How does conveyancing in Wootton differ for newly converted properties?
Most buyers of new build property in Wootton contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Wootton typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wootton or who has acted in the same development.
Should I be suspicious about 3rd parties that I am dealing with are encouraging me to use a web based conveyancing firm rather than a High Street Wootton conveyancing firm?
As with lots of professional services, often referrals from relatives can be very helpful. Yet there are many people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and banks may recommend solicitors to choose. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there might be a financial incentive behind the recommendation. You are at liberty to select your preferred conveyancer. You need to be aware that some mortgage providers operate an approved list of solicitors you must use for the lender related work in your transaction.
I need to assess costs for conveyancing in Wootton from three property lawyer and choose one. Am I right to tell them to hold tight until I have found somewhere to purchase.
You should only get your lawyer to start work and order searches once the offer has been agreed to on the property particularly as Wootton conveyancing searches are not cheap.