Due to move into my new home in Worcester Park next Monday. My solicitor now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for lenders 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 obligations are not limited to conveyancing in Worcester Park.
I had intended to instruct a property lawyer in Worcester Park for our house purchase. Our financial adviser has since notified us that our mortgage lenders Clydesdale won't deal with them. Surely this is unduly restrictive?
A decade ago most mortgage companies had an appetite for risk which was higher than today. Almost all Worcester Park conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 completed a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms about their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of transactions. Many Worcester Park conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Worcester Park is amongst the thousands of locations where the conveyancers we recommend are are approved Clydesdale.
Are there restrictive covenants that are commonly identified as part of conveyancing in Worcester Park?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Worcester Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Worcester Park differ for new build properties?
Most buyers of new build premises in Worcester Park come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Worcester Park usually buy the site, 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 conveyancing solicitors 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 Worcester Park or who has acted in the same development.
Am I right to be wary by estate agents that I am dealing with are suggesting a factory type conveyancing firm as opposed to a local Worcester Park conveyancing firm?
As is the case with many service providers, often referrals from family and friends can be extremely useful or valuable. Yet there are many players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all suggest conveyancers to use. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You are free to select your preferred lawyer. However, bear in mind that most lenders operate an approved list of conveyancers you are obliged to use for the lender related work in your house move.
Being a leasehold owner I am liable for a service charge for my flat in Worcester Park. As a result of personal circumstances I slipped into arrears with payments. The freeholders agreed a payment schedule but there is still in the region of £3000 remaining in arrears.
I am under pressure to dispose of the property and I am concerned this can jeopardize the sale if I have to pay off the amount due now. I'd like to sell up and subsequently pay them back with the proceeds - is this viable?
The conveyancer undertaking your Worcester Park sale will hopefully be in a position to negotiate with the appropriate parties, and agree with them whether or not they would accept settlement from sale proceeds. Here is an example of why it is advisable to use a lawyer in Worcester Park as they are likely to enjoy an established relationship with the parties.