All was ready to complete my purchase in Yate next Thursday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender 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 conditions. These obligations are not limited to conveyancing in Yate.
As a first time buyer what is the most important piece of guidance you can impart about purchase conveyancing in Yate?
Not many law firms or advisers will tell you this but conveyancing in Yate and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there is an abundance of opportunity for confrontation between you and other parties involved in the legal transfer of property. For example, the seller, estate agent and on occasion your bank. Appointing a lawyer for your conveyancing in Yate should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the transaction whose interest is to look after your legal interests and to keep you safe.
We are witnessing a distinct increase of a "blame" culture- someone must be at fault for the process being so protracted. We recommend that you your first instinct should be to trust your lawyer above all other players when it comes to the legal transfer of property.
Various web forums that I have come across warn that are the primary cause of hinderance in Yate conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Yate.
It has been four months since my purchase conveyancing in Yate completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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.
Due to the input of my in-laws I had a survey completed on a property in Yate prior to instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some banks will not give a loan on this type of house.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Yate. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Yate to see if the conveyancing will be more expensive.
I am looking to buy a repression flat in Yate and the vendor require completion within a week. Do property lawyers complete in this timeframe? Am I best advised to instruct a high street Yate firm or an online conveyancer that professes to offer speedy conveyancing?
Attend your Yate shopping parade. Go in to two or three companies and ask to talk to a conveyancing solicitor for an estimate. Explain your needs and try and obtain assurances on time frames. Select the firm that comes across as most efficient. Make sure to use a conveyancing practitioner on the panel of property lawyers acceptable to your bank.