I am hoping to complete my purchase in Wembley next Monday. My lawyer 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 bank. What risks does the lender expect the insurance to cover?
Any lawyer 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Wembley.
Is it the case that all Wembley solicitor firms on the Clydesdale conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many banks do allow licenced conveyancers on their panel and in such a situation the organisation would be governed by the Council of Licensed Conveyancers.
I was told two weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Wembley is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
Nottingham have agreed my home loan in principle, my bid on a apartment in Wembley has been agreed to, what are the next steps?
Your estate agent will need to be advised as to your lawyer's details (be sure the conveyancing practitioners are on the bank’s panel). Telephone Nottingham or your broker and finish off any appropriate forms. Nottingham will instruct a valuer who will get in contact with the selling agent or owners to book a slot for the valuation to occur. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Nottingham will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Wembley.
I moved into my flat on 6 August and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Wembley advises it would be concluded in less than a month. Are transfers in Wembley uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Wembley registration formalities. Rather than based on location, timeframes can differ depending on who lodges the application, whether it is in order and whether the Land registry communicate with any 3rd parties. As of today in the region of 80% of such applications are fully dealt with within two weeks but occasionally there can be protracted delays. Registration is effected once the purchaser has moved in to the premises so registration formalities is not always primary concern but where it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
I have been recommended by a few estate agents in Wembley to choose a solicitor using your seach tool. What’s the financial incentive for Estate Agents to offer your lawyers over and above a competitor’s?
We refuse to make any referral fee for directing people our way. We thought it would be too underhand a fee as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My uncle has suggested that I use his conveyancing solicitors in Wembley. Should I choose my own property lawyer?
No doubt the ideal way to choose a conveyancing solicitor is to seek recommendations from friends or family who have previously instructed the firm that you are contemplating using.